Business
Acquisition of 55% interest in MiTP
Acquisition of 55% interest in MiTP.
About this update from Mobilityone Limited
[{"type":"text","content":"\n \nRNS Number : 1118W MobilityOne Limited 10 November 2017 \n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n10 November 2017\nMobilityOne Limited \n(\"MobilityOne\", the \"Company\" or the \"Group\")\n \nAcquisition of 55% equity interest in Mobility i Tap Pay (Bangladesh) Limited \n \nMobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, is pleased to announce that, on 9 November 2017, the Group, via its recently incorporated wholly-owned subsidiary MobilityOne South Asia Sdn Bhd (\"M1SA\"), signed a sale and purchase agreement with Dr. Md. Zahir Uddin and Dr. Md. Shahin Hossain, existing shareholders of Mobility i Tap Pay (Bangladesh) Limited (\"MiTP\"), to acquire a 55% shareholding in MiTP for a nominal cash consideration of BDT550,000 (c. £5,000) payable from the Group's existing cash resources (\"the \"Acquisition\").\n \nCompletion of the Acquisition is subject to the original share certificates and transfer forms in respect of the sale shares to be transferred to M1SA and a directors' resolution of MiTP to approve the transfer of the sale shares to M1SA. The Acquisition is expected to complete within three business days from the date of the agreement. On completion, Dato' Hussian A. Rahman and Derrick Chia Kah Wai, existing directors of MobilityOne, will join the board of MiTP.\n \nAs previously announced on 10 April 2017, the Group, via its wholly-owned subsidiary MobilityOne Sdn Bhd (\"MobilityOne Malaysia\"), entered into a partnership agreement in place with MiTP on 10 April 2017. Under the terms of this agreement, MiTP also provided MobilityOne Malaysia with an option to acquire 55% of the enlarged share capital of MiTP through the issue of new equity, details of which were announced on 10 April 2017. Following completion of the Acquisition this agreement will remain in place albeit the Company has no intention at the current time to exercise the option since they will hold 55% of the current issued share capital of MiTP on completion of the Acquisition. \n&nbs...