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| Exchange Disseminated Time 15/06/2016 15:22:17 | Spice Mobility Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 15, 2016, has approved the proposal for acquisition of 49% stake by “Digitone” in Spice Online (SOPL), a wholly owned subsidiary company, engaged in the business of, inter alia, operating a technology platform designed for business referral and search engine requirements, with intent to expand into business to business e-commerce space.
The Company, in the capacity of promoter of ‘SOPL’, has executed a Share Subscription and Shareholders’ Agreement whereby 49% of the shares of the SOPL will be subscribed by ‘New Idea Investment Pte Limited’, Singapore {“Digitone”), a 100% subsidiary of 'Beijing Digital Telecom Company Limited’, a Company incorporated under the laws of People’s Republic of China, having, inter alia, extensive experience in the wholesale distribution of electronic devices, including mobile phone handsets. |
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