Tom Online (TOMO) says it today completed the purchase of online game provider, Indiagames.
As a result, Tom Online Games, a wholly-owned subsidiary of TOM Online Inc, has successfully acquired approximately 76.29% of the issued and paid-up share capital of Indiagames as at the sale completion. Indiagames becomes a non wholly-owned subsidiary of Tom Online.
According to the Sale and Subscription Agreement dated December 17, 2004, the subscription completion was to take place on or before 28 February 2005. But as extra time is required for completing the process of the subscription, issue and allotment of the subscription shares in India, Tom Online says that the companies have agreed that the subscription completion will be deferred and will take place on or before March 31, 2005.