Update on Proposed Joint Venture with Super Apps

RNS Number : 2838N

MobilityOne Limited

19 January 2023

 

19 January 2023

MobilityOne Limited

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

Update on Proposed Joint Venture with Super Apps

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, notes that further to Company's announcement on 13 December 2022 highlighting the preliminary proxy statement filed by Technology & Telecommunication Acquisition Corporation ("TETE") on 12 December 2022 (the "TETE Proxy Filing"), the extraordinary general meeting of TETE (the "TETE EGM") was held on 18 January 2023. The webcast recording of the TETE EGM is available for viewing in accordance with the instructions originally outlined in the TETE Proxy Filing.

MobilityOne notes that all resolutions as outlined in the TETE Proxy Filing have been approved at the TETE EGM. A full breakdown of the results of the TETE EGM will be filed for viewing on the United States Securities and Exchange Commission's website in due course.

Proposed Joint Venture with Super Apps

MobilityOne is pleased to note the passing of all resolution at the TETE EGM, the passing of which will allow, amongst other matters, TETE additional time to complete the Merger Exercise. Notwithstanding the results of the TETE EGM, as previously outlined by MobilityOne, TETE is required to hold a further extraordinary general meeting to approve proposals relating to the Merger Exercise itself. Accordingly, MobilityOne's Proposed Disposal continues to remain subject to the completion of the Merger Exercise, which is currently expected to complete, at the latest, by 20 July 2023.

As previously announced by the Company on 19 October 2022, the payment of the consideration to MobilityOne in relation to the terms of the Proposed 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.

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 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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