Mobile Streams eyes fundraising amid Indonesia partnership win

The global content retailer will seek shareholder approval by 15 February for the issue of 50,000,000 new ordinary shares in order to raise £0.1m in order to support its Argentinian operations and drive further growth in the Indian market.

Elsewhere, the AIM traded company confirmed that it has signed a partnership agreement with SIM Digital, which has previously acted as a consultant for Mobile Streams with respect to its Indian operations, to facilitate business development in Indonesia.

SIM Digital, which has billing connections with Indonesian mobile telecom operators and B2B agreements with regional gaming and apps companies, will assist the launch of Mobile Streams' HTML5 games service mobilegaming.com to over 250m network subscribers in the country.

Simon Buckingham, chief executive of Mobile Streams, said: "We are enthusiastic about the opportunity that Indonesia presents for our games service and are looking forward to working with SIM Digital to achieve success in the market."

The move represents the first time Mobile Streams has entered a new geography using a partner-model structure, rather than establishing its own local subsidiary, which the company said allows for "greater flexibility and speed-to-market through indirect third-party billing".

Sandeep Ganguly of SIM Digital said: "We have closely monitored Mobile Streams' progress in the Indian market over the past couple of years and truly believe their games service is particularly suitable to the growing games market in Indonesia, a market in which we are highly accomplished."

Mobile Streams' shares were down 11.11% at 0.40p at 1048 GMT.