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Chinese co to buy 80% stake in Indiagames

18-December-2004
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Chinese co to buy 80% stake in Indiagames

Chinese new media company Tom Online Inc said on Friday it would buy an 80.6 per cent stake in Indiagames Ltd for US$17.73 million in cash, in a bid to boost its wireless gaming presence in India and China.

Indiagames is India's largest wireless game maker, with more than 160 employees, Tom Online said.

"Tom Online believes Indiagames will help catapult its integrated Internet products and services onto the world stage with access to truly global partners and distribution channels... further enhancing its business growth both inside and outside China," it said in a statement.

Tom Online's foray into wireless gaming comes as it and its peers diversify from their traditional specialty -- short messaging services (SMS) for mobile phones -- following a recent crackdown by Beijing on the medium to reduce controversial content such as spam and pornography.

Shares in Tom Online closed up 0.69 per cent at HK$1.45 on Friday. The stock has risen 25 per cent in the last three months.

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