Update on Proposed Joint Venture with Super Apps

MobilityOne Limited

07 April 2026

 

7 April 2026

MobilityOne Limited

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

Further update on Proposed Joint Venture with Super Apps

Result of TETE extraordinary general meeting

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, notes that a Form 8-K (current report) has been filed by Technology & Telecommunication Acquisition Corporation ("TETE") on 2 April 2026 (the "TETE Filing"). The TETE Filing is available for viewing on the United States Securities and Exchange Commission's website ("SEC").

The TETE Filing notes, amongst other matters, that at the extraordinary general meeting of the shareholders of TETE held on 30 March 2026, all resolutions proposed were duly passed.

Background to the Disposal

As previously announced, M1 Malaysia, a wholly owned subsidiary of the Group, will receive cash payments of RM40.0 million (c.£6.84 million) and RM20.0 million (c.£3.42 million) from Super Apps within 14 days and 180 days, respectively, of completion of the Business Combination (or otherwise also known as the Merger Exercise). In accordance with the terms of the Joint Venture Agreement, M1 Malaysia has also guaranteed that OneShop Retail Sdn Bhd ("1Shop"), the Group's wholly-owned subsidiary, will achieve revenues of at least totalling $125 million in annual revenue for 2026 or any other mutually agreed upon period (the "Revenue Target").

Under the Joint Venture Agreement between Super Apps and MobilityOne, after consummation of the Business Combination MobilityOne will provide technical and business support to 1Shop. MobilityOne will carve-out part of its existing electronic voucher business of selling mobile airtime, PayTV vouchers, game credits and other form of e-vouchers into 1Shop aimed at achieving the Revenue Target.

As further consideration of M1 Malaysia's undertakings and guarantee of achieving the Revenue Target, Super Apps shall cause TETE to issue shares in TETE to MobilityOne with aggregate value of RM20.0 million (c.£3.42 million) (the "TETE Shares") upon 1Shop achieving the Revenue Target. In the event that the Business Combination is consummated and the Revenue Target is not achieved, MobilityOne will not be entitled to the TETE Shares.

As separately announced by the Company on 1 March 2024, the payment of the consideration to MobilityOne as set out above in relation to the terms of the Share Sale Agreement between M1 Malaysia and Super Apps concerning the disposal by M1 Malaysia of a 60% shareholding in the Group's wholly-owned subsidiary 1Shop to Super Apps (the "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, including with regards to the completion of the Merger Exercise.

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, 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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