10 May 2010 13:06

Australia's Telstra invests $100 mln in WVAS provider Australia's Telstra invests $100 mln in WVAS provider Australia's Telstra invests $100 mln in WVAS provider Australia's Telstra invests $100 mln in WVAS provider

Shanghai. May 10. INTERFAX-CHINA - Beijing-based wireless value-added services (WVAS) provider LMobile (????) Information Technology Co. Ltd. has received a $100 million investment from Telstra Corp. Ltd., Australia's largest telecom operator, domestic media reported on May 10.

According to a report published on Web portal Sohu.com, LMobile's president and chief executive officer (CEO) Xu Maodong declined to disclose any financial details regarding the deal, other than that current LMobile management will continue to retain majority stake in the company.

An LMobile representative declined to comment when contacted by Interfax on May 10.

Established in 2008, LMobile provides mobile news services for approximately 10 million users. The company also delivers multimedia mobile advertisements. Xu is the former executive vice president of Nasdaq-listed Focus Media Holding Ltd., and former CEO of Focus Media Wireless.

LMobile currently has five branches in Shanghai, Guangzhou, Shenzhen, Zhejiang and Shandong, which employ a staff of 300.

Interfax reported in February 2009 that Telstra acquired two Chinese WVAS providers - China M, a mobile content provider, and Sharp Point, a technology support service for China Mobile's music platform, for AUD 302 million ($198.52 million).