Monitise PLC Monitise takes full ownership of Asia Pacific JV (7061Q)
17 Octubre 2013 - 1:00AM
UK Regulatory
TIDMMONI
RNS Number : 7061Q
Monitise PLC
17 October 2013
17 October 2013
Monitise takes full ownership of its Asia Pacific joint
venture
LONDON - Monitise plc (LSE: MONI) ("Monitise", the "Company" or
the "Group") announces today that it has agreed to acquire full
ownership of Monitise Asia Pacific Limited ("Monitise Asia
Pacific"), its 50:50 joint venture with First Eastern Mobile
Investments Limited ("First Eastern"), a leading Hong Kong-based
investment group controlled by Victor Chu.
Under the deal, Monitise has paid a total consideration of 20m
ordinary shares of 1p each in Monitise plc ("Ordinary Shares") to
First Eastern for the remaining 50% stake in Monitise Asia Pacific,
valuing First Eastern's stake in the joint venture at GBP11.25m,
based on Monitise's closing share price on Wednesday 16 October
2013 of 56.25p.
Application has been made for 20,000,000 new Ordinary Shares to
be admitted to trading on AIM. It is expected that admission of the
Ordinary Shares will take place at 8.00 a.m. on 21 October 2013.
Completion of the acquisition is conditional only upon admission
taking place. Following admission, Monitise will have 1,640,029,298
Ordinary Shares in issue. This figure may be used by shareholders
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure
and Transparency Rules.
Following the transaction, Monitise will take full control of
Monitise Asia Pacific's 49% stake in its Indonesian joint venture
with PT Astra Graphia Information Technology. That partnership,
which was entered into in 2011, was created to develop new mobile
services for financial institutions targeted at both banked and
unbanked consumers in Indonesia.
Monitise Group Chief Commercial Officer Lee Cameron said: "First
Eastern under the guidance of Victor Chu has been a formative
partner for us, playing an extremely valuable role in the
development of our relationships and capabilities in the Asia
Pacific region over the past three years. At Monitise, we have a
track record for taking control of joint venture relationships to
help streamline and simplify the international structure of our
global business."
Lee Cameron, who accompanied UK Chancellor of the Exchequer
George Osborne on the government's trade trip to China this week,
added: "We are excited by the growing opportunities we face in a
region that has nearly 10 of the world's top 15 countries by
population and markets with the highest new mobile subscription
rates globally."
From a regional base in Hong Kong, Monitise is currently working
with local partners PCCW-HKT mobile and JETCO, the major ATM switch
serving the majority of banks in Hong Kong, to launch new mobile
payments services. Bank of China (Hong Kong) will be the lead
partner bank and the initial service, which allows the mobile
operator's customers to top up their mobile airtime and data SIM
cards, will go live once regulatory approval has been secured. It
is based on Monitise's proven technology platform and will also
represent Monitise's first Chinese language mobile app.
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money -
banking, paying and buying with a mobile device. Leading banks,
payments companies, retailers and mobile networks utilise
Monitise's technology platforms and services to securely connect
people with their money.
Already 24 million consumers benefit from our patented
technology to 'bank anywhere', 'pay anyone' and 'buy anything',
accounting for $50bn of payments, purchases and transfers annually.
More information is available at www.monitise.com.
For further information
Tel: +44(0)20 3657
Monitise plc 0900
Alastair Lukies, Chief Executive Officer
Lee Cameron, Chief Commercial Officer
Brad Petzer, Chief Financial Officer
Mike Keyworth, Chief Information Officer
Investor Relations Tel: +44(0)20 3657
Andrew Griffin, Haya Herbert-Burns 0366
investorrelations@monitise.com
Media Relations
Gavin Haycock Tel: +44(0)20 3657
Gavin.haycock@monitise.com 0362
Canaccord Genuity
Simon Bridges, Cameron Duncan
FTI Consulting Tel: +44(0)20 7523
Charles Palmer, Jon Snowball 8000
Tel: +44(0)20 7831
3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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