Symbian secures new £21m funding

Click to follow
The Independent Online

Symbian, the technology company owned by Psion and the world's major mobile phone makers, yesterday secured an extra £20.75m in funding while bringing in Sony Ericsson as a sixth shareholder.

The company, which licences its operating system to makers of mobile phones and other handheld devices, said Psion, Motorola, Nokia and Matsushita had committed new funding on a pro rata basis to their existing shareholdings.

Shares in Psion, which owns a 28.1-per-cent stake in the company, closed up 5 per cent at 75.75p. Motorola and Nokia each hold 21 per cent of Symbian while Matsushita has 9 per cent.

Sony Ericsson has taken up Ericsson's £4.35m funding entitlement, giving the company its own small stake in Symbian. Sony Ericsson and Ericsson hold 21 per cent of Symbian between them.

Matti Alahuhta, the president of Nokia mobile phones, said yesterday at least half the 30 devices Nokia expects to have on the market in 2004 would be based on Symbian's operating system.

Thomas Chambers, Symbian's finance director, said he could not rule out further fund raisings and reiterated that the end game was for Symbian to be floated. The company raised £20m this time last year.