Spice Mobility’s subsidiary -- Spice VAS (Africa) Pte. (SVA) has executed a share subscription agreement whereby SVA has agreed to issue and allot 4,16,50,212 shares of its wholly owned subsidiary, Spice Digital (South Africa) Pty. (SDSA) to Karma Trust Group at a consideration of $1 million.
Consequently, after allotment of the said shares, Karma will be entitled to 51% of the share capital and voting power in SDSA and stake of SVA in SDSA will decrease to 49%. Accordingly, SDSA will cease to be a subsidiary of SVA and step down subsidiary of the company.
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.
