Psion ups its stake in Symbian

TECHNOLOGY firm Psion is splashing out more than £17m to increase its stake in the Symbian next-generation mobile phones venture it helped to start five years ago.

Psion is upping its share from 25.3% to 31.1% after Motorola took advantage of the end of a lock-up on Symbian's founding members yesterday to sell its 19% interest.

Finnish mobile phones giant Nokia is taking on the bulk of Motorola's stake to increase its shareholding to 32.2%. The deal values Symbian, which designs software for hi-tech handsets, at £300m.

Psion, best known for its now discontinued hand-held computer, revealed the move as it announced a 29% fall in pre-tax losses over the first half to 30 June to £11m.

The group's share of losses at Symbian fell £2.2m to £3.7m, reflecting the sharp rise in mobile phones that now incorporate its technology.

Psion chairman David Potter said he still wanted to 'realise' the group's investment in the venture but added it would 'continue to play its role in driving Symbian towards the successful exploitation of its market'.