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OnMobile Global incorporates a new subsidiary in South Africa

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OnMobile Global has incorporated a new wholly-owned subsidiary called, OnMobile South Africa Technologies (Pty).

The company was incorporated as a subsidiary company of Onmobile Global, to carry on the business of providing value added services for telecom operators in South Africa. OnMobile South Africa Technologies (Pty) belongs to telecommunication value added services industry and is yet to commence its business operations.

OnMobile South Africa Technologies (Pty) was incorporated and registered with Companies and Intellectual Property Commission of South Africa as on Monday, 29 November 2021. The cost of acquisition of the subsidiary stood at 100 shares (at no par value), amounting to a cash consideration of 100 rand.

OnMobile Global's consolidated net profit tumbled 65% to Rs 2.66 crore on a 6.8% fall in net sales to Rs 130.43 crore in Q2 FY22 over Q2 FY21.

OnMobile is a global leader in mobile entertainment. The company offers a wide array of products such as Videos, Tones, Games & Contests.

Shares of OnMobile Global gained 1.41% to close at Rs 104.40 on Friday, 3 December 2021.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, December 04 2021. 13:33 IST