Business
Update re Sincere Acres Sdn Bhd
Update re Sincere Acres Sdn Bhd.
About this update from Mobilityone Limited
[{"type":"text","content":"\n\n8 March 2024\nMobilityOne Limited\n(\"MobilityOne\", the \"Company\" or the \"Group\")\n \nUpdate in relation to Sincere Acres Sdn Bhd\n \nMobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, provides the following update in relation to Sincere Acres Sdn Bhd (\"Sincere\").\n \nOn 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\").\n \nIn line with the Second Tranche payment terms outlined in the Company's announcement on 4 October 2023, the Company has today notified the Vendor to extend the Second Tranche Payment Date by a further 6 months to 8 September 2024 (the \"Extended Second Tranche Payment Date\").\n \nAccordingly, any payment made in relation to the Second Tranche will now be subject to an interest charge of 10% per annum. The balance amount payable for the Second Tranche (including any interest charge) shall be reduced by RM1.0 million if the payment is made by the Extended Second Tranche Payment Date.\n \nUnless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Company's announcement on 4 October 2023.\n \nFor further information, please contact:\n \nMobilityOne Limited +6 03 89963600\nDato' Hussian A. Rahman, CEO &nbs...