M2 increases majority stake in Aggregato

Invests $4.9 million into the pre-paid international telco

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.