REG - MobilityOne Limited - New joint venture

MobilityOneAnnouncement

26/06/2023 12:00

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RNS Number : 9129D  MobilityOne Limited  26 June 2023

26 June 2023

MobilityOne Limited

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

 

New joint venture to explore business opportunities from the Kingdom of Saudi
Arabia

 

The Board of MobilityOne (AIM: MBO), the e-commerce infrastructure payment
solutions and platform provider, announces that MobilityOne Sdn Bhd
("MobilityOne Malaysia"), a wholly-owned subsidiary of the Group incorporated
in Malaysia, has today entered into a joint venture cum shareholders agreement
(the "Agreement") with Syed Faisal Algadrie Bin Syed Hassan ("Syed Faisal") to
incorporate a new joint venture company in Malaysia to be named "Qube Nexus
Sdn Bhd" ("Qube").

 

Syed Faizal intends to explore any suitable business opportunities for Qube
mainly from the Kingdom of Saudi Arabia. Pursuant to the Agreement,
MobilityOne Malaysia and Syed Faizal will own 80 per cent. and 20 per cent. of
the equity interest in Qube, respectively. Qube will have an initial share
capital of RM100 (c.£17). There is no minimum commitment for either party, no
exclusivity arrangement and no fixed time period for the joint venture for
the purpose of exploring business opportunities.

 

The joint venture is at an exploratory stage and there can be no guarantee
that any commercial opportunities in relation to this joint venture will
arise. Whilst the Group is confident on the future prospects of this joint
venture for the Group, the Board expects any resultant revenues or earnings
contribution to the Group in the next 12 months to be inconsequential.

 

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, 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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