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TELECOM & INTERNET | Staff Reporter, Singapore
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Singtel's Amobee Group buys 10 Amobee shares for $472.52m

It raised Amobee's share capital to over a billion at $1.2b.

Singtel's wholly-owned subsidiary, Amobee Group Pte. Ltd. (AGPL) subscribed for 10 shares in the capital of its wholly-owned subsidiary, Amobee, Inc. (Amobee) for a whopping $472.52m (US$360.63m).

As a result, Amobee has increased its share capital from $724.33m (US$552.84m) to $1.2b (US$913.46m). The principal activity of Amobee is the provision of digital marketing services.

According to DBS Equity Research, Amobee is able to leverage Singtel’s regional presence to gain traction in Asia, where SMEs remain hesitant to partner with big names in digital advertising due to hefty fee structures and the lack of an understanding of the regional market.

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