New joint venture

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.£17). 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                                                                         [phone]

Dato' Hussian A. Rahman, CEO                                                        www.mobilityone.com.my

[e-mail]

Allenby Capital Limited

(Nominated Adviser and Broker)                                                        [phone]

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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