MBO story in simple terms for newbies7 Mar 2026 11:14
MobilityOne is a company based in Malaysia that specialises in providing the technology and systems that enable businesses to process digital payments smoothly and securely, supporting e-commerce and fleet management services.
On October 19, 2022, M1 Malaysia (a subsidiary of MobilityOne) agreed to sell a 60% ownership stake in one of its subsidiaries called OneShop to a company named Super Apps. This means M1 Malaysia is giving up most of its control over OneShop, which is not a main part of their business. This sale is called a "disposal," and it was made through a formal agreement.
At the same time, M1 Malaysia made an agreement with Super Apps and OneShop to work together on a new business project. This project is called a "joint venture," where all three companies will share ownership and work together to grow their online products and services business, starting in Malaysia. The goal of both selling part of OneShop and creating this joint venture is to help expand their digital business in the country.
At first, selling the 60% stake in OneShop depended on a big merger between a company called TETE and Super Apps, which needed approval from the U.S. SEC. This was called the "Merger Exercise."
But on March 1, 2024, M1 Malaysia made a new agreement with Super Apps to change the rules. Now, the sale of the stake in OneShop will happen as soon as they sign the new agreement, regardless of whether the merger between TETE and Super Apps is completed or not.
Also, if the merger doesn’t happen later, M1 Malaysia has the right to buy back the 60% stake in 1Shop from Super Apps for just RM1.00.
The agreement says that Super Apps will pay M1 Malaysia a total of RM60 million (about £10.26 million), but the payments are made in two parts, and this is true even if the Disposal (selling the stake) is not completed.
The first part: RM40 million (around £6.84 million) will be paid in cash within 14 days after the Merger Exercise (a big deal where companies combine or merge). The second part: RM20 million (about £3.42 million) will be paid within 180 days (about 6 months) after the Merger Exercise.
This means that regardless of whether the sale of the stake in OneShop is finalised, Super Apps still owes M1 Malaysia these payments once the Merger is completed.
MBO doesn’t own 40% of Super Apps itself; it owns 40% of OneShop Retail, which sits within the wider Super Apps group. So the Nasdaq valuation ($1.1bn) applies to the group as a whole, and the value attributable to MBO depends on how OneShop is valued within that structure.
If OneShop represents roughly 25 to 30% of a $1.1bn Super Apps valuation, that would imply around $110–130m of attributable value to MBO once everything is public and transparent!. £110 million market cap, so around £1 per share, a long way to go yet.
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