KUALA LUMPUR - MobilityOne Limited (AIM: MBO), a provider of e-commerce infrastructure payment solutions, has announced an extension to the payment date for the second tranche of its acquisition of a 49% equity interest in Sincere Acres Sdn Bhd. The payment, initially scheduled for 8 March 2024, has been postponed to 28 February 2025.
The company, which operates through its wholly-owned subsidiary in Malaysia, MobilityOne Sdn Bhd (M1 Malaysia), completed the first tranche of the acquisition with a RM2.0 million payment to United Flagship Development Sdn Bhd. The remaining RM28.0 million, constituting the second tranche, will now be due by the new extended date, with an interest charge of 10% per annum remaining applicable.
This extension follows previous postponements disclosed on 8 March 2024 and 9 September 2024. The latest agreement to extend the payment date was reached on 31 December 2024, with no provisions for a reduction in the balance amount payable, including any interest charge, even if the payment is made by the new extended date.
The acquisition terms for the 49% stake in Sincere Acres, apart from the revised payment date, remain consistent with the original agreement. This development is part of MobilityOne’s strategic efforts to expand its footprint in the e-commerce infrastructure space.
The information provided is based on a press release statement from MobilityOne Limited.
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