Prior to publication, the information contained within this
announcement was deemed by the Group to constitute inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. With the publication of
this announcement, this information is now considered to be in the
public domain.
7 March
2024
MobilityOne
Limited
("MobilityOne", the
"Company" or the
"Group")
Acquisition of Jejak Semangat
Sdn Bhd
MobilityOne (AIM: MBO), the
e-commerce infrastructure payment solutions and platform provider,
is pleased to announce that MobilityOne Sdn
Bhd ("M1 Malaysia"), the
Group's wholly-owned operating subsidiary in Malaysia, has today
entered into a share sale agreement (the "Agreement") with MBP Solutions Sdn Bhd
("MBP"), LMS Technology
Distributions Sdn Bhd ("LMS"), Dato' Hussian A Rahman
("Hussian") and Derrick
Chia Kah Wai ("Derrick")
(together the "Vendors") to
acquire 100 per cent. of the issued share capital of Jejak Semangat
Sdn Bhd ("Jejak")
for a nominal cash consideration of RM4.0 (c.
£0.70 based on current foreign exchange rates) (together the
"Acquisition").
Jejak is incorporated in Malaysia
and is currently a dormant company. However, Jejak holds
a license issued by the Malaysian
Ministry of Communications and Multimedia to
provide network services in Malaysia for a period
until 23 April 2031. The Directors of MobilityOne believe
that this license will complement M1 Malaysia's
current business of providing mobile prepaid reload
services.
Based on the audited results of
Jejak for the financial year ended 30 June 2023, Jejak reported net
assets of RM347,285 (c. £57k based on current foreign exchange rates) and it
reported a loss before tax of RM105,503 (c. £17k based on
current foreign exchange
rates) due to administrative expenses
incurred. The Acquisition is expected to be completed within 30
days from the date of the Agreement.
Related party transaction
The entry by M1 Malaysia into the
Agreement with the Vendors (which include Hussian and Derrick who
are also both directors and shareholders of MobilityOne) is classed
as a transaction with a related party under the AIM Rules for
Companies. In addition, Hussian holds equity interests in MBP
and LMS and is separately a director of Jejak. Accordingly, the
Directors of MobilityOne (with the exception of Hussian and
Derrick) having consulted with the Company's nominated adviser,
Allenby Capital Limited, consider that the terms of the
Agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
For further information, please
contact:
MobilityOne
Limited
+6 03 89963600
Dato' Hussian A.
Rahman,
CEO www.mobilityone.com.my
har@mobilityone.com.my
Allenby Capital Limited
(Nominated Adviser and
Broker) +44
20 3328 5656
Nick Athanas / Vivek
Bhardwaj
About the
Group:
MobilityOne is one of the leading virtual distributors of mobile prepaid
reload and bill payment services in Malaysia. With connections to
various service providers across industries such as banking,
telecommunications, utilities, government agencies, and
transportation, the Group operates through multiple distribution
channels including mobile wallets, e-commerce sites, EDC terminals,
automated teller machines, kiosks, and internet & mobile
banking. Holding licenses in regulated spaces including acquiring,
e-money, remittance and lending, the Group offers a range of
services to the market, including wallet, internet, and
terminal-based payment services, whiteabel e-money, remittance,
lending, and custom fintech ecosystems for communities. The Group's
flexible, scalable technology platform enables cash, debit card,
and credit card transactions from multiple devices while providing
robust control and monitoring of product and service
distribution.
For more information, refer to our
website at www.mobilityone.com.my