Termination of proposed acquisition of TPR

RNS Number : 2207W

MobilityOne Limited

21 April 2021

 

 21 April 2021

MobilityOne Limited

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

Termination of proposed acquisition of Tanjung Pinang Resources Sdn Bhd

Further to the announcements released by the Group on 14 December 2020 and 1 March 2021, MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, announces that MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly owned operating subsidiary in Malaysia, has today entered into an agreement with the vendors of Tanjung Pinang Resources Sdn Bhd ("TPR") to terminate the proposed acquisition by M1 Malaysia of the entire issued share capital of TPR (the "Acquisition").

As a result of the Group's recent acquisition of OneTransfer Remittance Sdn Bhd, M1 Malaysia and the vendors of TPR have mutually agreed not to proceed with the Acquisition.

A nominal deposit of RM15,000 (equivalent to c. £2,600) was paid to the vendors of TPR at the time of the Acquisition agreement being entered into in December 2020. Under the terms of the termination agreement entered into today the vendors of TPR have agreed to refund this deposit to M1 Malaysia within three months of today's date.

Further details on TPR and the agreement originally entered into with TPR can be found in the announcement released by MobilityOne on 14 December 2020.

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

About the Group:

MobilityOne provides e-commerce infrastructure payment solutions and platforms through its proprietary technology solutions. 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

 

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