M2 increases majority stake in Aggregato
- 09 July, 2015 09:58
ASX-listed M2 Group has gained majority ownership in specialist pre-paid international telecommunications services provider, Aggregato Global, increasing its shareholding to 61.2 per cent.
It increased its interest through a pro-rata rights issue, investing $4.9 million, which Aggregato will use to fund working capital and retire external debt.
M2 has also nominated two new directors for the Aggregato board, M2 non-executive director, Michael Simmons and M2 commercial director, John Allerton.
M2 has invested in Aggregato since its inception in 2012 and M2 executive director, Vaughan Bowen, is Aggregato’s non-executive chairman.