REG - MobilityOne Limited - Update in relation to Sincere Acres Sdn Bhd

MobilityOneAnnouncement

28/02/2025 14:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250228:nRSb9388Ya&default-theme=true

RNS Number : 9388Y  MobilityOne Limited  28 February 2025

28 February 2025

MobilityOne Limited

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

 

Update in relation to Sincere Acres Sdn Bhd

 

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and
platform provider, provides the following update in relation to Sincere Acres
Sdn Bhd ("Sincere").

 

On 4 October 2023, the Company announced, amongst other matters, that
MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly-owned operating
subsidiary in Malaysia, had completed the acquisition of a 49% equity interest
in Sincere for a cash consideration of RM30,000,000. It was further announced
that whilst the first tranche, representing RM2.0 million, had been paid by M1
Malaysia to United Flagship Development Sdn Bhd (the "Vendor"), the second
tranche, representing the balance of RM28.0 million (the "Second Tranche"),
was required be paid by M1 Malaysia by 8 March 2024 (the "Second Tranche
Payment Date").

 

The Second Tranche Payment Date has been subject to prior extensions, as
announced by the Company most recently on 2 January 2025. The Vendor has today
agreed with the Company to further extend the Second Tranche Payment Date for
payment of the Second Tranche plus accrued interest from 28 February 2025 to
31 May 2025 (the "Extended Second Tranche Payment Date"). As part of this
extension, M1 Malaysia has agreed to pay the Vendor in cash the accrued
interest for the period from 9 September 2024 to 28 February 2025 totalling
RM1,327,123 (the "Accrued Interest Payment"). RM650,000 of the Accrued
Interest Payment has been paid by M1 Malaysia with the balance to be settled
on or around 7 April 2025.

 

In line with the Second Tranche payment terms, any payment made in relation to
the Second Tranche will continue to be subject to an interest charge of 10%
per annum. There will continue to not be any scope for the balance amount
payable for the Second Tranche (including any interest charge) to be reduced
by RM1.0 million in the event that the payment is made by the Extended Second
Tranche Payment Date.

 

All other terms of the acquisition of Sincere remain unchanged.

 

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  UPDPKFBDQBKDDBB