EBT Mobile seeks AIM listing

16 Aug 2005

Shanghai-based mobile phone retailer EBT Mobile says it will list on the Alternative Investment Market (AIM) in London next month through a reverse takeover. AIM-listed investment vehicle The Trading Exchange will purchase the retail chain for GBP16.4 million in new shares, and issue 96.4 million new shares at GBP0.17 each to existing EBT shareholders. A further 23.5 million shares will be placed on the market raising around GBP4 million before costs. EBT Mobile currently has 73 outlets, mainly in Shanghai, and hopes the listing will help it to realise its goal of opening another 17 shops by the end of the year. Mobile phone retail sales in China are dominated by the country’s large network operators, China Mobile and China Unicom.