MobilityOne Limited Disposal of MobilityOne South Asia Sdn Bhd (6976F)
2019年7月16日 - 7:07PM
RNSを含む英国規制内ニュース (英語)
TIDMMBO
RNS Number : 6976F
MobilityOne Limited
16 July 2019
16 July 2019
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
Disposal of MobilityOne South Asia Sdn Bhd
MobilityOne (AIM: MBO), the e-commerce infrastructure payment
solutions and platform provider, announces that, due to the
continued losses being incurred by the Group's operations in
Bangladesh, the Board has decided to cease its activities in the
region and dispose of its interest in its 55% owned Bangladesh
operating subsidiary.
The Company is pleased to announce that it has today entered
into a sale and purchase agreement with Gul Rahfia Bin Gull Rahman
(a Malaysian businessman in IT related business), to dispose of its
entire equity interest in MobilityOne South Asia Sdn Bhd ("M1SA")
for a cash consideration of RM100 (c. GBP20), being the issued
share capital of M1SA of RM100 (the "Disposal"). There are no
conditions outstanding and the Disposal has completed today.
M1SA is an investment holding company and it does not have any
business operations other than an investment of 55% equity interest
in Mobility i Tap Pay (Bangladesh) Limited ("MiTP") which was
acquired in November 2017 for BDT550,000 (c. GBP5,000). Since the
acquisition of the 55% interest, MiTP has been incurring losses
under the management of the minority shareholders of MiTP in
Bangladesh and it only generated a small revenue (c. GBP7,000) in
2018. For the financial year ended 31 December 2018, the M1SA group
incurred losses of RM7.65 million (c. GBP1.45 million) of which
RM4.14 million (c. GBP0.78 million) was attributable to MobilityOne
and had net liabilities of RM8.18 million (c. GBP1.54 million).
Although the long-term business prospects for MiTP may have been
positive, the company will be required to incur significantly more
costs in order to grow its revenue. As such, to avoid further
losses to the Group, the Board has decided to discontinue its
operations in Bangladesh by proceeding with the disposal and to
focus the Group's attentions on its core market in Malaysia. As a
result of the disposal, the Company will not be required to
consolidate the results of MiTP moving forward.
Dato' Hussain A Rahman, CEO of MobilityOne, commented: "With the
disposal of M1SA and MiTP, the Group will continue to grow its
business operations in Malaysia, especially its core business in
mobile phone prepaid airtime reload and bill payment business
through more business partnerships to expand the payment terminal
base and users in Malaysia."
-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 Hornigold
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
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END
DISCKADKKBKDNOD
(END) Dow Jones Newswires
July 16, 2019 06:07 ET (10:07 GMT)
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