MobilityOne Limited Acquisition of 55% interest in MiTP (1118W)
2017年11月10日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMMBO
RNS Number : 1118W
MobilityOne Limited
10 November 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
10 November 2017
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
Acquisition of 55% equity interest in Mobility i Tap Pay
(Bangladesh) Limited
MobilityOne (AIM: MBO), the e-commerce infrastructure payment
solutions and platform provider, is pleased to announce that, on 9
November 2017, the Group, via its recently incorporated
wholly-owned subsidiary MobilityOne South Asia Sdn Bhd ("M1SA"),
signed a sale and purchase agreement with Dr. Md. Zahir Uddin and
Dr. Md. Shahin Hossain, existing shareholders of Mobility i Tap Pay
(Bangladesh) Limited ("MiTP"), to acquire a 55% shareholding in
MiTP for a nominal cash consideration of BDT550,000 (c. GBP5,000)
payable from the Group's existing cash resources ("the
"Acquisition").
Completion of the Acquisition is subject to the original share
certificates and transfer forms in respect of the sale shares to be
transferred to M1SA and a directors' resolution of MiTP to approve
the transfer of the sale shares to M1SA. The Acquisition is
expected to complete within three business days from the date of
the agreement. On completion, Dato' Hussian A. Rahman and Derrick
Chia Kah Wai, existing directors of MobilityOne, will join the
board of MiTP.
As previously announced on 10 April 2017, the Group, via its
wholly-owned subsidiary MobilityOne Sdn Bhd ("MobilityOne
Malaysia"), entered into a partnership agreement in place with MiTP
on 10 April 2017. Under the terms of this agreement, MiTP also
provided MobilityOne Malaysia with an option to acquire 55% of the
enlarged share capital of MiTP through the issue of new equity,
details of which were announced on 10 April 2017. Following
completion of the Acquisition this agreement will remain in place
albeit the Company has no intention at the current time to exercise
the option since they will hold 55% of the current issued share
capital of MiTP on completion of the Acquisition.
MobilityOne is MiTP's technology partner, a supplier of point of
sales devices to MiTP and is supporting MiTP to provide a mobile
financial services platform for Meghna Bank Ltd ("Meghna") in
Bangladesh. As announced on 15 September 2017, the mobile financial
services platform, named "Tap 'n Pay", has been launched by Meghna
and has started accepting new account registrations. MiTP
anticipates that these services will play an important role in
Bangladesh where the majority of the population remains unbanked.
With the entry of "Tap 'n Pay", the unbanked population will now be
able to get access to basic banking services such as fund transfers
from banking agents at convenience stores. "Tap 'n Pay" uses Near
Field Communication (NFC) technology card as a payment instrument
and an android based point of sales as the payment device. An
extensive network of partner distributors provides the necessary
coverage to support the transactions conducted by the banking
agents. To date, there have been more than 4,000 point of sales
devices deployed in Bangladesh by MiTP and MiTP plans to
aggressively expand the point of sales through to the end of
2018.
The consideration for the Acquisition is based on 55% of the
share capital of MiTP of BDT1,000,000. Based on the latest audited
financial statements of MiTP for the 6 month period ended 30 June
2017, MiTP did not generate any revenue (audited financial
statements of MiTP for 13 month period to 31 December 2016- no
revenue) and incurred a loss after tax of BDT45.04 million (c.
GBP415,000) (audited financial statements of MiTP for 13 month
period to 31 December 2016- loss after tax of BDT28.57 million
(c.GBP262,000). As at 30 June 2017 the net liabilities of MiTP were
BDT72.61 million (c. GBP660,000) (31 December 2016 - BDT27.57
million (c. GBP252,665). In the future MobilityOne will consider
providing funding to MiTP for working capital purposes, to be
funded from the cashflow generated by the sale of point of sales
devices to MiTP.
Dato' Hussain A Rahman, CEO of MobilityOne, commented: "The
acquisition of a majority interest in MiTP will allow the Group to
expand its services to Bangladesh and to explore other business
opportunities in that region."
-ends
For further information, 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 / James Reeve
About MobilityOne Group:
MobilityOne provides e-commerce infrastructure payment solutions
and platforms through its proprietary technology solutions. The
Group has developed an end-to-end e-commerce solution which
connects various service providers across several industries such
as banking, telecommunication and transportation through multiple
distribution devices including EDC terminals, mobile devices,
automated teller machines (ATM) and internet banking. The Group's
technology platform is flexible, scalable and designed to
facilitate cash, debit card and credit card transactions from
multiple devices while controlling and monitoring the distribution
of different products and services.
For more information, refer to our website at
www.mobilityone.com.my
About MiTP:
MiTP was incorporated in Bangladesh on 26 November 2015. Its
directors are Dr. Md. Zahir Uddin and Dr. Md. Shahin Hossain while
its shareholders are Dr. Md. Zahir Uddin, Dr. Md. Shahin Hossain,
Dr.Kamrul Ahsan and Lt. Col. (Retd.) Md. Abdul Latif Khan. MiTP has
signed an agreement with Meghna on 24 April 2016 to provide the
mobile financial services platform for a period of 10 years.
For more information, refer to www.mobilitybd.com
About Meghna:
Meghna is a commercial bank which commenced its operations in
2013 in Bangladesh. Currently, Meghna has 39 branches in
Bangladesh.
For more information, refer to www.meghnabank.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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