MobilityOne Limited Agreement with MBP Solutions Sdn Bhd (5723L)
December 27 2018 - 5:49AM
UK Regulatory
TIDMMBO
RNS Number : 5723L
MobilityOne Limited
27 December 2018
MobilityOne Limited
("MobilityOne", "Company" or "Group")
Agency and reseller agreement with MBP Solutions Sdn Bhd
Further to the announcement released by MobilityOne on 20
December 2018, the Board of MobilityOne (AIM:MBO), the e-commerce
infrastructure payment solutions and platform provider, is pleased
to confirm that MobilityOne Sdn Bhd ("MobilityOne Malaysia"), the
Group's wholly-owned operating subsidiary with activities in
Malaysia, has today entered into an agency and reseller agreement
(the "Agreement") with MBP Solutions Sdn Bhd ("MBP"), a
wholly-owned subsidiary of TFP Solutions Berhad ("TFP"), a company
listed on the ACE Market of Bursa Malaysia Securities Berhad.
Under the Agreement, MBP has, with effect from 27 December 2018,
been appointed as a reseller and agent for the products and
services of MobilityOne Malaysia, which include mobile phone
prepaid airtime reload, bill payment and any other products such as
e-wallet. MobilityOne Malaysia works with a number of resellers of
its products in Malaysia and the Agreement is non-exclusive.
Pursuant to the Agreement, MobilityOne Malaysia will pay MBP a
sales commission on the products sold. The Agreement can be
terminated by either party at any time providing one month's
notice.
MBP will initially take over managing one existing retail
merchant of MobilityOne Malaysia. Whilst this will not result in an
increase in Group revenues in the immediate term, the Directors of
MobilityOne expect that the agreement with MBP will reduce the
ongoing financing costs of working with this particular retail
merchant and the Directors of MobilityOne are hopeful that MBP will
be able to secure new retail merchants going forward under the
reseller and agency agreement.
Dato' Hussian Rizal Bin A. Rahman (CEO/Executive Director of
MobilityOne and a director of MobilityOne Malaysia) is also an
executive director and 30.6% shareholder in TFP. As such,
MobilityOne Malaysia entering into the Agreement with MBP
constitutes a related party transaction pursuant to Rule 13 of the
AIM Rules for Companies. Accordingly, the Directors of MobilityOne
(excluding Dato' Hussian Rizal Bin A. Rahman) consider, having
consulted with the Company's nominated adviser, Allenby Capital
Limited, that the terms of the Agreement are fair and reasonable
insofar as the Company's shareholders are concerned.
For further information, please contact:
MobilityOne Limited +6 03 8996 3600
Dato' Hussian A. Rahman, CEO/Executive Director www.mobilityone.com.my
har@mobilityone.com.my
Derrick Chia Kah Wai, Chief Operating Officer/Executive
Director
derrick@mobilityone.com.my
Allenby Capital Limited (Nominated Adviser
and Broker) +44 20 3328 5656
Nick Athanas
James Reeve
About the Group:
MobilityOne provides e-commerce infrastructure payment solutions
and platforms through its proprietary technology solutions,
marketed under the brands MoCS and ABOSSE.
The Group has developed an end-to-end e-commerce solution which
connects various service providers across several industries such
as banking, telecommunication and transportation through multiple
distribution devices including EDC terminals, mobile devices,
automated teller machines and internet banking.
The Group's technology platform is flexible, scalable and
designed to facilitate cash, debit card and credit card
transactions from multiple devices while controlling and monitoring
the distribution of different products and services.
For more information, refer to our website at
www.mobilityone.com.my
Information on TFP
TFP and its subsidiaries provide business productivity solutions
and services in Malaysia which include enterprise resource
planning, big data business analytics and reporting, educational
management system, human resource management system and customer
relationship management solutions. MBP is in the business of
providing enterprise systems solutions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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