REG - MobilityOne Limited - Acquisition of Jejak Semangat Sdn Bhd

MobilityOneAnnouncement

07/03/2024 11:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240307:nRSG0143Ga&default-theme=true

RNS Number : 0143G  MobilityOne Limited  07 March 2024

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

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBBGDXGGGDGSR