Compact disc manufacturer SM Summit Holdings has entered the mobile content market by buying Giga Gates for RM5 million cash (US$1.35 million, I think). This is part of a long-term strategy by SM Summit to become a “fully comprehensive multimedia company”, which seems to be what everyone is trying to do these days.
“The proposed acquisition, which is expected to be completed by mid-year, will also be a springboard for SM Summit to have a presence in China and capture new business opportunities in the growing mobile content market there.”
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