Spice i2i?s Board has completed the acquisition of the cellular business and the ?Nexian? brand of the Affinity Group with an equity value of US$175 million and an enterprise value of US$225 million.
The Board has also announced a new Board for the Affinity Group. Dr B.K. Modi has been appointed as president director (chairman); Dilip Modi has been appointed as vice president director (vice-chairman); Maneesh Tripathi is managing director; Zulkarnaen Tanzil has been appointed director; AVK Mohan has also been appointed as director and Humphrey R. Djemat has been appointed commissioner of the Affinity Group.
The integration of the Affinity Group into the company?s business will see the company entering the mobile internet space. Leveraging on Nexian?s brand name and its leading market position in Indonesia, Spice will now enter the country?s high growth telecommunication market with significant presence thus presenting potential growth opportunities for the Group.
