Spice Corp sets up headquarters in Singapore

SINGAPORE: Spice Corp, with interests in the information-communication technology sector, is setting up its global headquarters in Singapore, news reports said on Friday.

The city state was picked because of its proximity to the fast-growing "Israel-to-Indonesia" market, The Business Times quoted Spice Corp. chief BK Modi as saying.

The region contains nearly half the world's population and has an overall mobile phone penetration rate of 35 percent, presenting a large market for growth.

Spice is a diversified conglomerate operating across the communications and entertainment sectors with a 30-year history in technology, automation, information technology and telecommunications.

As part of its investment in Singapore, an entertainment complex is also to be set up in the city-state, offering round-the-clock dining, shopping, movie screening and digital entertainment.