30th Nov 2018 14:05
LONDON (Alliance News) -Mobile Streams PLC said that its agreement with Bharat Sanchar Nigam Ltd is not guaranteed to have an immediate material boost to revenue, after shares surged Friday morning on the back of the pact.
Shares in the mobile content retailer were trading 57% higher at 1.02 pence each in afternoon trade, after initially rocketing over 90%. The company earlier announced a direct billing agreement with Bharat Sanchar Nigam, India's state owned telecommunications company. Bharat Sanchar Nigam has around 100 million customers.
The UK listed company said that while the agreement was in line with its growth strategy, there is no certainty of an "immediate material impact" on revenue.
Mobile Streams formed an Indian subsidiary, Mobile Streams India Private Ltd in 2015. The company is currently providing downloadable and online versions of their games store, mobilegaming.com.
By Elena Cherubini and Anna Farley
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