Spice i2i shareholders approve buyout of Affinity Group
More than 88% 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 $100 million and $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% 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.