S Mobility subsidiary executes SPA for purchase of shares of SVTL

S Mobility’s step down subsidiary - Spice VAS (Africa) (SVAPL), has executed a share purchase agreement (SPA) on November 22, 2011 for purchase of shares of SPICE VAS TANZANIA (SVTL). Consequent thereto, SVTL will become a subsidiary of SVAPL on completion of the acquisition of the said shares. Accordingly, post acquisition, SVTL will become a step down subsidiary of the company.

SVTL is a company incorporated in Tanzania, is engaged in the business of providing value added services to telecom subscribers by offering entertainment contents, mobile commerce services and other multimedia solutions.

S Mobility is engaged in manufacturing of mobile phones. The company offers a wide range of mobile handsets catering to all segments -- low, medium, high-end.