Spice Mobility’s step down foreign subsidiaries - S Global Services (SGS) and Spice VAS (Africa) (SVA), 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, 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, Omnia and its subsidiary 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 SGS stake in SVA will increase from 70% to 80%.
Spice Mobility is engaged in manufacturing mobile phones. Its products include smart devices, smart phones, networking phones, feature phones and archived phones. Spice Mobility operates as a subsidiary of Spice Group.
