Update in relation to Sincere Acres Sdn Bhd

MobilityOne Limited

16 March 2026

 

16 March 2026

MobilityOne Limited

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

Update in relation to Sincere Acres Sdn Bhd

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, provides the following update in relation to Sincere Acres Sdn Bhd ("Sincere").

On 4 October 2023, the Company announced, amongst other matters, that MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly-owned operating subsidiary in Malaysia, had completed the acquisition of a 49% equity interest in Sincere for a cash consideration of RM30,000,000. It was further announced that whilst the first tranche, representing RM2.0 million, had been paid by M1 Malaysia to United Flagship Development Sdn Bhd (the "Vendor"), the second tranche, representing the balance of RM28.0 million (the "Second Tranche"), was required to be paid by M1 Malaysia by 8 March 2024 (the "Second Tranche Payment Date").

The Second Tranche Payment Date has been subject to several prior extensions, as announced by the Company most recently on 17 December 2026.

On 16 March 2026 the Vendor agreed with M1 Malaysia to further extend the Second Tranche Payment Date for payment of the Second Tranche plus accrued interest to 31 May 2026 (the "Extended Second Tranche Payment Date").

As part of this extension, M1 Malaysia has agreed to pay the Vendor in cash the accrued interest for the period from 1 March 2026 to 31 May 2026 totalling RM705,753.42 in three equal monthly instalments in March 2026, April 2026 and May 2026. A total of RM1,400,000 in accrued interest for the period from 9 March 2024 to 8 September 2024 remains outstanding and the parties have agreed as part of the extension that this will be paid by MobilityOne at a later date but in any event by no later than 31 May 2026.

In line with the Second Tranche payment terms, any payment made in relation to the Second Tranche will continue to be subject to an interest charge of 10% per annum. 

All other terms of the acquisition of Sincere are expected to remain unchanged.

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, white label 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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