Yesterdays good News.20 Oct 2022 12:47
I am Not a day trader & Yesterdays news sounds good in a financial way for the company. MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, is pleased to announce that MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly-owned operating subsidiary in Malaysia, has today entered into a series of conditional agreements with Super Apps Holdings Sdn Bhd ("SuperApps") in order to establish a new joint venture to expand the Group's e-products and services business initially inMalaysia.Highlights·Share Sale Agreement ("SSA") entered into between M1 Malaysia and Super Apps for the disposal by M1Malaysia of a 60% shareholding in the Group's wholly-owned non-core subsidiary OneShop Retail SdnBhd ("1Shop") to Super Apps (together the "Proposed Disposal");·Joint-Venture cum Shareholders Agreement ("JVA") entered into between M1 Malaysia, Super Apps and1Shop (together the "Proposed Joint Venture");·The Proposed Disposal and Proposed Joint Venture are inter-conditional;·The Proposed Disposal is subject to the completion of a merger exercise between Technology &Telecommunication Acquisition Corporation ("TETE") and Super Apps (together the "MergerExercise");·Following the completion of the Proposed Disposal, the Group is expected to receive cash proceeds ofRM40.0 million (c. £7.53 million) and RM20.0 million (c. £3.76 million) within 14 days and 180 daysrespectively of completion of the Merger Exercise; and·The Merger Exercise between TETE and Super Apps is expected to complete by 31 December 2022.Dato' Hussain A Rahman, CEO of MobilityOne, commented:"While there can be no guarantee that theProposed Disposal and Proposed Joint Venture can be completed, noting that both events are conditional on thecompletion of the Merger Exercise, which is out of the Group's control, the entry into the series of conditionalagreements today is expected to positively contribute to the future growth prospects of the Group. As outlined inthe Group's half-yearly report published at the end of September, the Group is cautious on the outlook for the