07/09/2006 The London Stock Exchange is delighted to welcome GMO Group to AIM.
7 September 2006
The London Stock Exchange is delighted to welcome GMO Group to AIM.
The GMO Group, from Malaysia, has been established to develop a leading WVAS Mobile Transaction Network in China. Providers of WVAS allow mobile phone users to receive and transmit text, images and other forms of digital data via their mobile handsets.
The company raised £5million through an Initial Public Offering. The offer price of 50p per share represents a market capitalisation of £20million at admission.
The Directors believe the GMO Group will benefit from the increased international visibility associated with a quotation on AIM, which should enable the GMO Group to attract, recruit and retain key employees through share incentive arrangements, and to provide the company with opportunities for selective strategic acquisitions of, and joint ventures with, complementary businesses in the WVAS sector in China by increasing its strategic flexibility.
Commenting on the IPO, Eugene Goh, Chief Executive Officer of GMO Limited, said: “We are delighted that the flotation of the Group has been completed successfully and we now look forward to working with our new institutional shareholders.
“China is well recognised as the world’s largest market for mobile phones and as a provider of wireless value added services, the Group is well positioned to benefit from the strong growth forecast in this market. Our IPO makes both strategic and commercial sense as we take GMO to the next stage of its development.”