REG - MobilityOne Limited - Completion of Acquisition in Sincere Acres

MobilityOneAnnouncement

04/10/2023 11:30

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RNS Number : 6928O  MobilityOne Limited  04 October 2023

4 October 2023

MobilityOne Limited

("MobilityOne", the "Company" or the "Group")

 

Completion of acquisition of 49% equity interest in Sincere Acres 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 completed the acquisition of a 49% equity interest in Sincere Acres Sdn
Bhd ("Sincere"), details of which were originally announced by the Company on
29 September 2023.

 

Pursuant to the terms of the Proposed Acquisition, the RM30,000,000 (c.
£5.217 million*) cash consideration is required to be paid to the United
Flagship Development Sdn Bhd (the "Vendor") in two tranches. While the first
tranche, representing RM2.0 million (c. £0.348 million*), has been paid by M1
Malaysia to the Vendor, the second tranche, representing the balance of RM28.0
million (c. £4.869 million*) (the "Second Tranche"), is required be paid by
M1 Malaysia by 8 March 2024 (the "Second Tranche Payment Date"). It is
envisaged that the Second Tranche will be paid by the Group using existing
cash resources of M1 Malaysia.

 

While the Second Tranche Payment Date can be extended for up to a further 6
months (the "Extended Second Tranche Payment Date"), any payment in relation
to the Second Tranche made after the Second Tranche Payment Date will be
subject to an interest charge of 10% per annum. The balance amount payable for
the Second Tranche (including any interest charge if the payment is made after
the Second Tranche Payment Date) shall be reduced by RM1.0 million (c. £0.174
million*) when the payment is made by the Extended Second Tranche Payment
Date.

 

Background to Sincere Acres Sdn Bhd

 

Sincere is an investment holding company with its sole business activity
comprising of owning a 100% equity interest in Hati International Sdn Bhd
("Hati", and together with Sincere, the "Sincere Group"), an operating
company in Malaysia. Hati is a healthcare information systems provider in
Malaysia focused on healthcare software development and information
technology. Through the use of cloud service platforms and software system
solutions, Hati has developed a product suite comprising of hospital
information systems, clinical information systems, business intelligence
platforms and Internet of Things (IoT)/Artificial Intelligence (AI) enabled
platforms.

 

Further information in relation to Hati is available on Hati's
website: https://hatiintl.com/about-hati (https://hatiintl.com/about-hati) .

 

Unless otherwise defined herein, the capitalised defined terms used in this
announcement have the same meaning as those used in the Company's announcement
on 29 September 2023.

 

*Based on exchange rate as on 28 September 2023 of RM:0.1739 GBP

 

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
(http://www.mobilityone.com.my)

 

 

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