Spice Mobility Limited informs that Spice VAS (Africa) Pte. Limited, ('SVA') has executed a Share Subscription Agreement whereby SVA has agreed to issue and allot 4,16,50,212 shares of its wholly owned subsidiary, Spice Digital (South Africa) Pty. Limited ('SDSA') to M/ s. Karma Trust Group ('Karma') at a consideration of USD 1,000,000 (United States Dollar One Million Only). Consequently, after allotment of the said shares, Karma will be entitled to 51% of the share capital and voting power in SDSA and stake of SVA in SDSA will decrease to 49%. Accordingly, SDSA will cease to be a subsidiary of SVA and step down subsidiary of the Company.