Breaking News

German November IFO Confidence at 104.7; Median Forecast 103.0
Tweet TWEET

Seamless Distribution Falls on Share Sale Plan: Stockholm Mover

Seamless Distribution AB (SEAM), a Swedish maker of payment solutions for mobile phones, fell as much as 19 percent after saying it plans to sell shares to fund the global expansion of its new payment system.

Seamless shares tumbled 18 percent to 18 kronor, the biggest slide in almost a year, at 10:42 a.m. in Stockholm trading. The stock has jumped 77 percent so far this year, giving the Stockholm-based company a market value of 464 million kronor ($69 million).

“For Seamless, this is now about taking as big of a market share as possible during this time when the world is starting to move to mobile payments on a large scale,” it said in a statement today.

The share sale is worth 100 million kronor and Chief Executive Officer Peter Fredell and Kinnevik New Ventures AB have agreed to purchase new shares. Shareholders have the right to subscribe to one new share for 16 kronor each for every four shares currently owned. The subscription period is Dec. 7 to 21.

To contact the reporter on this story: Adam Ewing in Stockholm at aewing5@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.