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e-pay Asia Limited (EPY)

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Friday 12 September, 2008

e-pay Asia Limited

Extension of ANTL Agreement

RNS Number : 3402D
e-pay Asia Limited
12 September 2008
 



ASX/AIMEPY 




12 September 2008

e-pay Asia Limited

('e-pay Asia' or the 'Company')



EPY extends Convertible Note Agreement with ANTL



The Board of e-pay Asia Limited ('EPY') announced today that it has extended its convertible note agreement with AsiaNet Technology Limited ('ANTL') until 31 December 2008.


ANTL is a special purpose vehicle incorporated in Hong Kong, which has strategic partnership alliances within the telecoms sector in certain provinces in China and intends to embark on a mobile prepaid top-up business in these territories. EPY is currently providing ANTL with technical, operational and marketing input into the setting up of electronic mobile top-up infrastructures. 


In September 2007, EPY granted an A$2.5m convertible loan to ANTL that allowed EPY to convert its loan to a 51% stake in ANTL within twelve months. EPY has now extended the end date of this agreement until the end of the calendar year.


The terms were extended because of delays caused by to the demerger of the telecommunication industry in China. The Chinese Government expects the entire telecommunication industry restructuring process to be completed by end of September 2008EPY reaffirmed its statement from its recent results that despite the potential risks, the Board remains convinced that this strategy will secure long-term benefits for the business.


China has a population of 1.32 billion with mobile phone subscriptions expected to rise to 520 million in 2008 and 600 million by 2010. This agreement with ANTL allows EPY to work through a local partner, enabling the business to become embedded within the Chinese mobile services sector. 


Further progress will be announced in due course once the various agreements and licences have been secured.


ENDS


For further information, please contact:

Yap Chih Ming

Chief Financial Officer

e-pay Asia Limited

Tel: +6017 229 1616

[email protected]

John Croft

Non-executive Chairman

e-pay Asia Limited

Tel: +44 7785 315 588

[email protected]

Sarah Jacobs / Parimal Kumar

Seymour Pierce Limited 

LondonUnited Kingdom

Tel: +44 20 7107 8000




ABOUT epay Asia Limited

   

e-pay Asia Limited is one of the leading providers of electronic top up services for prepaid mobile users in South East Asia. The e-pay Asia's electronic top up services operates in 3 countries namely MalaysiaThailand and Pakistan with approximately 15,000 point of sales.  e-pay Asia processes more than 100 million prepaid mobile top up transactions per year.


www.epay-asia.com













This information is provided by RNS
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