Spice i2i shareholders give nod for buyout of Affinity

Wednesday, 30 March 2011, 05:08 Hrs
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Singapore: More than 88 percent of Spice i2i shareholders have approved the telecom company's plan to acquire an Indonesian handset distributor and raise more cash via a rights issue.

Spice i2i, a mobile phone maker and Internet telephony company led by chairman Bhupendra Kumar Modi, is to spend between USD 100 million and USD 175 million on the acquisition of Affinity Group, The Straits Times reported today.

The acquisition plan, announced in January, is a part of the company's aggressive expansion plans and follows its buyout of Thai handset company NewTel Corp last year and acquisition of a 65 per cent stake in Malaysian mobile phone services company CSL.

Spice i2i has also announced a one-for-one rights issue at an issue price of 5.5 Singapore cents to raise SGD 146.4 million to finance the deals.
Source: PTI
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