Spice acquires NewTel Corporation
2010-12-07Spice i2i Limited, Southeast Asia's premier mobile internet company, mobile handset distributor and IP communication solutions provider of voice, data and computing services, has announced its acquisition of NewTel Corporation Co., Thailand's leading producer, distributor and wholesaler of mobile phones. The acquisition of NewTel Corporation, known for the WellcoM Mobile brand, paves the way for Spice i2i to extend its market share to the Greater Mekong Sub-region, which includes countries such as Thailand, Vietnam, Myanmar, Cambodia and Laos. NewTel Corporation posted a turnover of approximately US$56 million for the year 2009.
"We are very pleased to have completed the acquisition of NewTel Corporation in Thailand. This move demonstrates Spice i2i's commitment to realise our Circle of Champions vision - to become one of the leading mobility players in the local markets of the i2i (Ivory Coast to Indonesia) region. By leveraging NewTel Corporation's network, we will also become the first Singapore company to penetrate the Myanmar mobile communications market, bringing the mobility concept direct to the Myanmar consumers and making it more accessible for them," said Dr. B.K. Modi, Chairman of Spice Group.
"We have opened our first retail store in Myanmar through our local distributor on 5 December 2010. More of these are in the pipeline and we look forward to playing a bigger role in improving the communications framework of the Myanmar market. Moving ahead, we are also looking at entering other markets within the i2i region to achieve our aim of becoming the leading mobility player in the i2i region," he added.
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