Japan’s IPMobile yesterday announced that its majority shareholder Multimedia Research Institute Corp is selling its entire holding to Mori Trust Company, which will become its new owner. In a press statement the wireless start-up added that it plans to review its capital structure and will continue to raise investments required to launch commercial service. IPMobile says it is currently in talks with Mori Trust and will make an announcement about the timing of the launch and the details of its service once an agreement is reached. Furthermore, IPMobile has denied rumours that it is giving up its 2GHz spectrum allocation as reported in certain media.
The Japanese newspaper Kyodo News recently reported that IPMobile had abandoned plans to enter the domestic market citing financial difficulties as the reason. The paper also said that IPMobile would hand back its business licence to the Ministry of Internal Affairs and Communications (MIC).