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| Exchange Received Time 10/10/2017 10:51:35 Exchange Disseminated Time 10/10/2017 10:51:38 Time Taken 00:00:03 | This is to inform you that S Global Services Pte. Limited, ('SGS') and Spice VAS (Africa) Pte. Limited, ('SVA'), both step down foreign subsidiaries of the Company, incorporated and existing under the laws of Singapore, have entered into a Share Subscription and Purchase Agreement, whereby SGS shall transfer its entire shareholding in the Omnia Pte. Limited, another step down foreign subsidiary in Singapore to SVA against issue of SVA's shares to SGS, as agreed between SVA & SGS.
Consequently, after allotment of shares as agreed between SVA & SGS:
i. Omnia Pte. Limited and its subsidiary i.e. PT Spice Digital Indonesia, Indonesia will become subsidiaries of SVA and step down subsidiaries of SGS and will continue to be the step down subsidiaries of the Company, and
ii. SGS stake in SVA will increase from 70% to 80%.
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