BK Modi-owned Spice Group, one of the leading mobile hand set makers, has acquired NewTel Corporation - known for the WellcoM Mobile brand, the second largest local branded mobile handset player in Thailand through its Singapore entity Spice i2i Limited at an undisclosed amount.
The acquisition will help Spice i2i to extend its market share to the Greater Mekong Sub-region, which includes countries such as Thailand, Vietnam, Myanmar, Cambodia and Laos. Spice i2i will become the first Singapore company to venture into the Myanmar mobile communications market, following the acquisition. NewTel Corporation posted a turnover of approximately $56 million in 2009.
According to Dr BK Modi, Chairman of Spice Group, 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,” Modi said.
NewTel is the second largest local mobile handset player in Thailand, with around 8% market share and having a network of over 3,000 sub-dealers and over 60 WellcoM partners in Thailand. In 2009, the company sold more than 700,000 mobile phones through its network of partners, sub-dealers and retail stores.
A global enterprise headquartered in Singapore, Spice i2i (Formerly known as MediaRing Ltd) has strong presence in major cities around the world, including subsidiaries, branch offices and associates in India, Kuala Lumpur, Hong Kong, Shenzhen, Cape Town and Silicon Valley (California). It is Southeast Asia’s premier mobile internet company, mobile handset distributor and IP communication solutions provider of voice, data and computing services.
Spice Group-led by BK Modi has acquired a significant stake in the company in 2009 through its subsidiary Spice Innovation Technologies Pte. Limited (Spice).