Leading media provider to establish joint venture with BVI company operating in Ukraine
Vimio PLC, a leading provider of live TV, media distribution solutions and content to mobile network operators, has made an announcement that it has entered into a joint venture with Nichols Limited, a company registered in the British Virgin Islands and owned by Ukrainian investors. The Ukrainian joint venture was established through a newly incorporated company Vimio Eastern Europe Limited (“VEEâ€), for starting operations in Ukraine.
Under the terms of the joint venture agreement, BVI-registered Nichols Ltd is to invest US$2 million in VEE, in order to establish an operations centre in the capital of Ukraine, in return for a 50% equity stake in VEE.
The new company received a software licence which enabled the company to exploit Vimio’s technology, in order to provide content to mobile network operators in the Ukraine market. The head office of the company will be located in Kiev.
VEE is going to enter into revenue sharing agreements with the TV Channels and mobile network operators in the region, for delivery over existing GSM networks. The company also intends to exploit the popular music market for music downloads, videos and live radio, by launching its Shopfront application which will enable users to search, purchase and download contents.
At the end of 2006, there were more than 50.5 million subscribers using mobile services in Ukraine. The two largest mobile network operators in the Ukraine have over 42 million subscribers.