MobilityOne Limited Acquisition of interest in Unique Change Sdn Bhd (0731L)
28 September 2016 - 7:50PM
UK Regulatory
TIDMMBO
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. GBP1.87), 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. GBP97,087) as at 31 December 2015 and loss before
taxation for the financial year ended 31 December 2015 of RM464,261
(c. GBP86,778).
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. GBP1.87).
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
har@mobilityone.com.my
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
END
ACQDMGZLLRKGVZG
(END) Dow Jones Newswires
September 28, 2016 05:50 ET (09:50 GMT)