(Alliance News) - MobilityOne Ltd on Monday said a subsidiary has agreed with Syed Faisal Algadrie Bin Syed Hassan to start a new joint venture company in Malaysia called Qube Nexus Sdn Bhd.
The Oxfordshire, England-based e-commerce infrastructure payment solutions and platform provider said its wholly-owned subsidiary MobilityOne Sdn Hbd, or MobilityOne Malaysia, will own 80% of Qube alongside Faisal's 20% stake.
MobilityOne said the deal is at an exploratory stage and there can be no guarantee that any commercial opportunities in relation to this joint venture will arise.
Qube will have an initial share capital of around MYR100, or GBP17, MobilityOne said, while there is "no minimum commitment for either party, no exclusivity arrangement and no fixed time period for the joint venture for the purpose of exploring business opportunities".
MobilityOne continued: "Whilst the group is confident on the future prospects of this joint venture for the group, the board expects any resultant revenues or earnings contribution to the group in the next 12 months to be inconsequential."
Faisal intends to explore any suitable business opportunities for Qube mainly from Saudi Arabia, MobilityOne said.
Shares in MobilityOne closed up 5.3% to 5.00 pence each in London on Monday.
By Greg Rosenvinge, Alliance News reporter
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