REG - MobilityOne Limited - Update in relation to Sincere Acres Sdn Bhd

MobilityOneAnnouncement

09/09/2024 12:00

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RNS Number : 4469D  MobilityOne Limited  09 September 2024

9 September 2024

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"), is
required be paid by M1 Malaysia by 8 March 2024 (the "Second Tranche Payment
Date").

 

On 8 March 2024, the Company announced, amongst other matters, that it had
agreed with the Vendor to extend the Second Tranche Payment Date by a further
6 months to 8 September 2024.

 

The Vendor has today agreed with the Company to further extend the Second
Tranche Payment Date for payment of the Second Tranche plus accrued interest
to 31 December 2024 (the "Extended Second Tranche Payment Date").

 

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. However, there will no longer be any scope for the balance amount
payable for the Second Tranche (including any interest charge) to be reduced
by RM1.0 million in the event that the payment is made by the Extended Second
Tranche Payment Date.

 

All other terms of the acquisition of Sincere remain unchanged.

 

For further information, please contact:

 

MobilityOne
Limited
+6 03 89963600

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 / 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, whiteabel
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
(http://www.mobilityone.com.my)

 

 

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