Nazara Technologies’ Mauritius Arm Seals Deal with Lychee Ventures

On April 1, 2024, Nazara Technologies informed the stock exchanges that the company’s step-down subsidiary, Nazara Technologies, Mauritius (Nazara Mauritius), which is based out of Mauritius, has entered into a definitive agreement with Lychee Ventures and NZMobile Nigeria Limited, a wholly-owned subsidiary of Nazara Mauritius, for the purpose of sale and transfer of its existing 100% stake held in NZMobile Nigeria Limited to Lychee Ventures.

Details of the Sale

Nazara Technologies, Mauritius, a wholly owned subsidiary of Nazara Pte Limited, Singapore and a step-down subsidiary of Nazara Technologies, has entered into a definitive agreement with Lychee Ventures and NZMobile Nigeria Limited, which is a wholly owned subsidiary of Nazara Mauritius.

The definitive agreement is about the sale and transfer of Nazara Mauritius’ existing 100% stake held in NZMobile Nigeria Limited to Lychee Ventures for an aggregate consideration of USD 2,60,000, payable in cash, in one or more tranches, subject to obtaining all applicable regulatory approvals. As per the regulatory filing, the agreement was made on March 31, 2024.

NZMobile is primarily involved in value-added services, such as gaming distribution in Nigeria. Over the past few years, NZMobile has experienced minimal business operations because of the constant currency depreciation and the unavailability of foreign currency, running business is difficult and non-feasible.

The company stated, “Consequent to the completion of the aforesaid transaction, NZMobile shall cease to be a subsidiary of Nazara Mauritius and step-down subsidiary of Nazara Pte Limited and the Company respectively w.e.f. March 31, 2024.”

They further added that NZMobile is not a material subsidiary of Nazara Technologies, and therefore, the sale or disposal of NZMobile will not have any impact on Nazara Technologies’ turnover or revenue.

The expected date of completion of the sale/disposal of NZMobile is on or before May 31, 2024. Nazara Technologies, Mauritius, received an upfront payment of USD 2,48,000 from the sale. An additional USD 12,000 balance consideration is expected to be received by May 31, 2024.

As per the exchange filing, the turnover of NZMobile Nigeria Limited, as of March 31, 2023, was ₹5,75,07,969.

On April 2, 2024, the share price of Nazara Technologies Limited opened at ₹698.55, touching the day’s high at ₹698.55, as of 9:32 AM on the NSE.

About Nazara Technologies Limited

Nazara Technologies is a prominent India-based diversified gaming and sports media platform. The company has a presence in India and international markets, such as North America and Africa.

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