MobilityOne Limited New joint venture (9129D)
26 Juni 2023 - 12:51PM
UK Regulatory
TIDMMBO
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.GBP17). 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
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END
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