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OnMobile Completes LatAm Deployment; 1:1 Bonus Issue

Update: OnMobile’s Board of Directors today approved a 1:1 issue of bonus shares to its equity shareholders, subjected to the approval of its shareholders. By virtue of this issue of bonus shares, the Onmobile stock becomes more liquid, and hence, in time could be less dependendent on the decisions of a few institutional shareholders. More importantly, though, OnMobile has announced that they’ve completed the deployment of the Latin America project. Announcement

Earlier (March 7th 2010): Mobile VAS company OnMobile in a BSE announcement has said that it is planning to consider and approve a bonus issue, when the company’s Board of Directors meet on 7th March 2011 (today). The company’s last traded price on the BSE was up to Rs 215, an increase of Rs 8 or 3.83% after the announcement. But remember that the company had listed at price of Rs. 440 back in 2008.

OnMobile’s third quarter results for FY11, declared earlier this year, witnessed an 86.44% increase in the company’s net profit on an year-on-year basis. We earlier reported that while OnMobile is seeing an increase in revenue, the company is running to stay at the same level of profitability. It is mainly concentrating on the global VAS market, as it feels that the Indian market is not really seeing growth in the segment. Around 31% of its total revenues for the last quarter came from International business. It has live deployments in 6 countries in Latin America with Telefonica, including Brazil, Argentina and Venezuela, covering 80% of Telefonica’s subscriber base. Last year, the company had said that it intends to complete deployment in 13 countries in Latin America, in a worst case scenario, by June 2011.

Related:
OnMobile Inks Licensing Agreements In China; Launches Social Karaoke Service
OnMobile Q3-FY11: Revenues Up 36.8%; International Driving Growth, India Flat
Updated: OnMobile & Madison Form Mobile Marketing JV – Kabuza Marketing
OnMobile Says Telefonica 5 Year Contract Begins Q1 2010; 23 Services; Music Driven

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