Route Mobile incorporates new subsidiary in Saudi Arabia valued at 35,000 Saudi Riyals; Stock gains

The share capital of the LLC is split into 1,000 shares of 50 (fifty) Saudi Riyals each. Route Mobile Limited has subscribed 700 shares (70%).

Sep 14, 2021 10:09 IST India Infoline News Service

Route Mobile Limited has incorporated a subsidiary namely – ‘Route Mobile Arabia Telecom’, a Limited Liability Company, in Saudi Arabia. Route Mobile has subscribed to 70% of the shares of Route Mobile Arabia Telecom.

The share capital of the LLC is split into 1,000 shares of 50 (fifty) Saudi Riyals each. Route Mobile Limited has subscribed 700 shares (70%) valued at 35,000 Saudi Riyals. First Support Trading Company holds the remaining 30%.

The objects of the LLC shall be to carry on the business of providing SMS services. This new entity formation would further strengthen Company’s organic growth strategy in the MENA region.

Cash (Route Mobile Limited has subscribed 70% of the shares of Route Mobile Arabia Telecom).

At around 10.55 am, Route Mobile Ltd was trading at Rs2,035.90 per piece up by Rs13.4 or 0.66% from its previous closing of Rs2,022.50 per piece on the BSE.

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