REG - MobilityOne Limited - Update on Proposed Joint Venture with Super Apps

MobilityOneAnnouncement

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RNS Number : 3550Z  MobilityOne Limited  07 April 2026

7 April 2026

MobilityOne Limited

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

 

Further update on Proposed Joint Venture with Super Apps

 

Result of TETE extraordinary general meeting

 

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and
platform provider, notes that a Form 8-K (current report) has been filed by
Technology & Telecommunication Acquisition Corporation ("TETE") on 2 April
2026 (the "TETE Filing"). The TETE Filing is available for viewing on the
United States Securities and Exchange Commission's website ("SEC").

 

The TETE Filing notes, amongst other matters, that at the extraordinary
general meeting of the shareholders of TETE held on 30 March 2026, all
resolutions proposed were duly passed.

 

Background to the Disposal

 

As previously announced, M1 Malaysia, a wholly owned subsidiary of the Group,
will receive cash payments of RM40.0 million (c.£6.84 million) and RM20.0
million (c.£3.42 million) from Super Apps within 14 days and 180 days,
respectively, of completion of the Business Combination (or otherwise also
known as the Merger Exercise). In accordance with the terms of the Joint
Venture Agreement, M1 Malaysia has also guaranteed that OneShop Retail Sdn Bhd
("1Shop"), the Group's wholly-owned subsidiary, will achieve revenues of at
least totalling $125 million in annual revenue for 2026 or any other mutually
agreed upon period (the "Revenue Target").

 

Under the Joint Venture Agreement between Super Apps and MobilityOne, after
consummation of the Business Combination MobilityOne will provide technical
and business support to 1Shop. MobilityOne will carve-out part of its existing
electronic voucher business of selling mobile airtime, PayTV vouchers, game
credits and other form of e-vouchers into 1Shop aimed at achieving the Revenue
Target.

 

As further consideration of M1 Malaysia's undertakings and guarantee of
achieving the Revenue Target, Super Apps shall cause TETE to issue shares in
TETE to MobilityOne with aggregate value of RM20.0 million (c.£3.42 million)
(the "TETE Shares") upon 1Shop achieving the Revenue Target. In the event that
the Business Combination is consummated and the Revenue Target is not
achieved, MobilityOne will not be entitled to the TETE Shares.

 

As separately announced by the Company on 1 March 2024, the payment of the
consideration to MobilityOne as set out above in relation to the terms of the
Share Sale Agreement between M1 Malaysia and Super Apps concerning the
disposal by M1 Malaysia of a 60% shareholding in the Group's wholly-owned
subsidiary 1Shop to Super Apps (the "Disposal") is subject to the completion
of the Merger Exercise and such consideration payments will be dependent on
timings for completion of the Merger Exercise.

 

The Company will release further announcements as and when appropriate,
including with regards to the completion of the Merger Exercise.

 

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 19 October 2022.

 

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, white label
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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