Entertainment Media and Telecoms Limited [EMT] (ASX: ETC) announced on Friday that their planned complete acquisition of Malaysian mobile security provider Nexbis will go ahead despite difficulties raising the required capital.
EMT will purchase a further sixth of the company's stock for AUD$10m, bringing their total ownership to around two-thirds of Nexbis.
In return Nexbis will allow EMT until September 30 to come up with the remaining $19.4m required to purchase the company outright.
EMT is considering its alternatives in raising the remaining capital, and have announced that the money will come either by raising the company's debt or by offering an entitlement issue to shareholders.
An entitlement issue is an offer to sell more shares to shareholders in an attempt to raise revenue.