Update on Proposed Joint Venture with Super Apps

MobilityOne Limited

25 July 2023

 

25 July 2023

MobilityOne Limited

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

Update on Proposed Joint Venture with Super Apps

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, notes that a Form 8-K has been filed by Technology & Telecommunication Acquisition Corporation ("TETE") on 24 July 2023, announcing, amongst other matters, that the extension of time to 20 July 2024 to enable the Merger Exercise to be completed was approved by shareholders of TETE in an extraordinary general meeting held on 18 July 2023. This is available for viewing on the United States Securities and Exchange Commission's website ("SEC").

On 19 October 2022, MobilityOne announced the Proposed Joint Venture with Super Apps which, amongst other matters, stated that the Proposed Disposal is subject to the completion of a Merger Exercise. On 27 June 2023, MobilityOne announced that TETE had announced, inter alia, that they were extending the deadline for completing the Merger Exercise to 20 July 2024.

An extraordinary general meeting will be convened in due course in order to seek approval from TETE shareholders for the Merger Exercise itself .

As previously announced by the Company on 19 October 2022, the payment of the consideration to MobilityOne in relation to the terms of the Proposed Disposal is subject to the completion of the Merger Exercise and such consideration payments will be dependent on timings for completion of the Merger Exercise.

The Company will release further announcements as and when appropriate.

Unless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Company's announcement on 19 October 2022.

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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