Mint Wireless looking to sell unit

Mint Wireless looking to sell unit

Mint Wireless (ASX:MNW) is looking to divest its technology distribution business, to devote more resources to its new microtransaction focus.

The company revealed in its annual report that it will also look to either license the technology from or enter into joint ventures with its established payment solutions business.

Mint Wireless is increasingly focused on microtransactions and mobile credit services, having launched its Intermoni business in FY11.

Intermoni concentrates on providing mobile airtime transactions for the unbanked in emerging markets. It is operated out of Singapore as a wholly-owned subsidiary.

Mint also recently acquired a 51% stake in a Malaysian mobile services developer, which the company aims to use as a base to develop the microtransaction business worldwide.

In FY11, Mint's loss grew by 20% to $2.3 million, in a result blamed on tougher than expected conditions in Australian retail as well as an unexpected delay receiving a required accreditation in the UK. Revenue fell to $11.7 million, from $13.1 million a year earlier.

MNW shares stayed flat on Thursday at $0.079.

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Tags financial resultsMint Wirelessmobile moneyASX:MNWIntermoni

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