ASX-listed SkyNetGlobal is to go on the acquisitions trail after securing $5 million in funding from its largest shareholder.
Private investment company, Alby Australia, which owns about 37 per cent of SkyNetGlobal, has given the wireless service provider a green light to pursue acquisitions and other business opportunities.
SkyNetGlobal chief executive officer, Jonathan Soon, said he would be looking out for companies with a solid earnings base and growth potential in the wireless sector.
“SkyNetGlobal will continue to focus on the wireless sector, where our core expertise lies,” he said.
“However, we do plan to expand our service offering beyond remote access solutions, targeting a broader audience such as the service provider and consumer markets, which we believe have significant potential.”
Repayments to Alby, a substantial shareholder in SkyNetGlobal since its initial public offering in November 2000, will be made over a fixed term of five years.