Source - RNS
RNS Number : 0731L
MobilityOne Limited
28 September 2016
 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

28 September 2016

MobilityOne Limited

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

 

Acquisition of interest in Unique Change Sdn Bhd

 

The Board of MobilityOne (AIM:MBO) is pleased to announce that MobilityOne Sdn Bhd, a wholly-owned subsidiary of the Company, has today entered into a sale and purchase agreement ("SPA") to acquire 50% of the issued and paid-up share capital of Unique Change Sdn Bhd ("Unique Change") for a nominal purchase consideration of RM10.00 (c. £1.87), payable in cash (the "Acquisition"). Completion of the Acquisition is effective from 28 September 2016.

 

Unique Change is incorporated in Malaysia and provides international remittance services from Malaysia, mainly to Bangladesh, Nepal and Indonesia. It currently holds a remittance business license issued by the Central Bank of Malaysia and has 6 outlets in Malaysia.  The purchase consideration was arrived at after taking into consideration Unique Change's net assets of RM519,416 (c. £97,087) as at 31 December 2015 and loss before taxation for the financial year ended 31 December 2015 of RM464,261 (c. £86,778).

 

The Company will acquire the interest in Unique Change from Azlan Shah Bin Jaffril and Anil Kumar Chigurupati who, following completion of the Acquisition, will retain a 35% and 15% equity interest in Unique Change, respectively. Under the terms of the SPA, the Company has the right to appoint additional directors to the board of Unique Change and it is anticipated that Dato' Hussian A. Rahman, CEO of MobilityOne, and Derrick Chia, Solutions Director of MobilityOne, will be appointed to the board of Unique Change. In addition, the Company will be entitled to appoint the chief executive officer of Unique Change who will be responsible for carrying out the day to day operations.  The directors of MobilityOne anticipate that the Company's interest in Unique Change will be consolidated as a subsidiary company in the Group's accounts for the year ending 31 December 2016.

 

Under the SPA, if Unique Change does not report an annual net profit by 31 December 2017, MobilityOne can request the vendors to buy back the 50% equity interest from MobilityOne for a nominal consideration of RM10.00 (c. £1.87).

 

Dato' Hussian A. Rahman, commented:

 

"In view of our past experience in the international remittance business, the acquisition provides a good opportunity for MobilityOne to partner with the existing shareholders of Unique Change to grow the business.  In 2015, there were more than 2.1 million foreign workers in Malaysia, mainly from Indonesia (39.2%), Nepal (23.5%) and Bangladesh (13.2%) (Source: Ministry of Home Affairs, Malaysia), who have the need to send money back to their home countries. As such, we believe there is a good growth potential for Unique Change."



For further information, please contact:

 

MobilityOne Limited

+6 03 8996 3600

Dato' Hussian A. Rahman, CEO

www.mobilityone.com.my

[email protected]




Allenby Capital Limited (Nominated Adviser and Broker)

+44 20 3328 5656

Nick Athanas/James Reeve/Richard Short




 



 

About the Group:

 

MobilityOne provides e-commerce infrastructure payment solutions and platforms through its proprietary technology solutions, marketed under the brands MoCS and ABOSSE.

 

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


This information is provided by RNS
The company news service from the London Stock Exchange
 
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