Nov. 28 (Bloomberg) -- Seamless Distribution AB, 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.
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