Route Mobile incorporates wholly-owned subsidiary in Chile; stock rises

11 Aug 2022 , 11:04 AM

Route Mobile Limited informed that it has incorporated a Wholly-owned subsidiary with effect from August 10, 2022.

Masiv Chile SpA is incorporated with the objective to carry on the business of interalia, software, and communication solution including CPaaS solutions to enterprises.

This new entity would help bolster the Company’s organic growth strategy in South America.

Company stated in its filing that Masivian S.A.S. has subscribed for 1,000,000 shares in the sum of CLP $1 each. Masivian S.A.S Wholly-owned step-down subsidiary of the Company holds 100% shareholding in Masiv Chile SpA.

The incorporation of Masiv Chile SpA doesn’t fall within the purview of related party transactions.

Masiv Chile belongs to the Omni-channel communication services industry.

At around 11.07 AM, Route Mobile was trading at Rs1,488.55 per piece, up by 0.33% from its previous closing of Rs1,483.60 on the BSE. The scrip opened at Rs1,495 and touched day’s high and low of Rs1,508.35 and Rs1,484.45 respectively, so far.