2nd May 2018 14:04
LONDON (Alliance News) - MTI Wireless Edge Ltd confirmed Wednesday it has agreed a merger with majority shareholder MTI Computers & Software Services Ltd.
MTI Wireless said the shareholder will be merged into MTI Wireless via a statutory merger. It would allocate MTIC shareholders 31.6 million new MTI Wireless shares and MTIC's existing holding in MTI Wireless will be transferred to MTIC shareholders.
MTI Wireless said MTIC Chief Executive Menashe Mani will continue to be employed by the enlarged company.
The merger, MTI Wireless said, will increase revenue by around 30%, broaden its business base, and bring cost savings and efficiencies. MTI Wireless's London listing would not be affected.
Shares were down 2.9% on Wednesday at 29.02 pence each.
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