MobilityOne Ltd - e-commerce infrastructure payment solutions and platform provider - Subsidiary in Malaysia, MobilityOne Sdn Bhd, strikes deal with vendors of Tanjung Pinang Resources Sdn Bhd to terminate the proposed acquisition by M1 Malaysia of the entire issued share capital of TPR.
"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," company explains.
It adds: "A nominal deposit of about GBP2,600 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."
In early April, MobilityOne completed the acquisition of the 50% shareholding it did not already own in OneTransfer Remittance. Total consideration for the deal is about GBP531,000, paid from existing cash resources.
Current stock price: 14.09 pence
Year-to-date change: up 52%
By Paul McGowan; paulmcgowan@alliancenews.com
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Mobilityone (MBO)