Metal Sky Star Acquisition Corporation Announces LOI with Fedilco Group Limited
Rhea-AI Summary
Metal Sky Star Acquisition (NASDAQ: MSSA) has entered into a letter of intent to acquire Fedilco Group , which holds an 80% stake in Viva Armenia, a leading telecom company. Viva commands a dominant market position with a 61% share by active subscribers and 58.18% by total revenue in Armenia's telecom market, serving over 2.3 million unique subscribers. The company employs 1,132 staff and maintains roaming partnerships with 529 operators across 192 countries. As one of Armenia's Top 10 taxpayers, Viva has pioneered corporate social responsibility in the country's telecom sector following ISO 26000 standards.
Positive
- Dominant market position with 61% subscriber share and 58.18% revenue share in Armenia
- Large customer base of over 2.3 million unique subscribers
- Extensive international presence with 529 roaming partnerships across 192 countries
- Top 10 taxpayer status in Armenia indicating strong financial performance
Negative
- None.
News Market Reaction – MSSA
In the trading session that priced this news, MSSA gained 0.60%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Metal Sky Star Acquisition Corporation, a Cayman Islands exempted company (NASDAQ: MSSA) (“Metal Sky Star” or the “Company”), announced today that it has entered into a letter of intent (the “LOI”) with Fedilco Group Limited, a Cyprus-based company (“Fedilco”) holding an
Viva stands out as the sole telecom company in Armenia included in the country’s Top 10 taxpayers list, underscoring its economic impact and significant contributions to national development. Viva currently has over 2.3 million unique subscribers (2,327,684) and holds a
Viva has established roaming partnerships with 529 operators across 192 countries, demonstrating a strong commitment to maintaining connections for its customers worldwide. It also pioneered corporate social responsibility (“CSR”) as a management model in Armenia’s telecom industry, guided by ISO 26000 standards on community impact and sustainability.
“We are excited to announce this LOI with Fedilco,” said Wenxi He, CEO of Metal Sky Star. “Viva is recognized as a trusted telecom market leader across Armenia, celebrated for its extensive reach and customer-first approach. We are confident that this partnership will position us well to capture Armenia’s economic growth trajectory and create added value for our shareholders.”
About Metal Sky Star Acquisition Corporation
Metal Sky Star Acquisition Corporation is a blank check company formed under Cayman Islands law to effect mergers, share exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with one or more businesses.
About Fedilco Group Limited
Fedilco Group Limited, incorporated in Cyprus, is the controlling shareholder of Viva, the most valuable company in Armenia’s telecom sector and a model of innovation in the telecom industry.
Forward-Looking Statements
This press release includes “forward-looking statements” concerning the proposed transaction with Fedilco. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the control of the Company, as outlined in the Company’s annual report for the fiscal year ending December 31, 2023, filed with the SEC on August 30, 2024, and available at www.sec.gov. The Company is under no obligation to update these statements for revisions or changes after the release date unless required by law.
Company Contacts:
Wenxi He
Chief Executive Officer
221 River Street, 9th Floor,
Hoboken, New Jersey
(201) 721-8789
Email: olivia.he@gmail.com
olivia@metalskystar.com
Source: Metal Sky Star Acquisition Corporation
