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LONDON - MobilityOne Limited (AIM: MBO), a provider of e-commerce infrastructure payment solutions, has announced an extension to the payment deadline for its acquisition of a 49% stake in Sincere Acres Sdn Bhd. The company’s Malaysian subsidiary, MobilityOne Sdn Bhd, had previously acquired the stake for RM30 million, with a remaining balance of RM28 million due by March 8, 2024.
The payment date, which has been extended several times, most recently on January 2, 2025, has now been further postponed from today to May 31, 2025. MobilityOne has agreed to pay the accrued interest for the period from September 9, 2024, to February 28, 2025, totaling RM1,327,123. Of this, RM650,000 has already been paid, with the remainder expected to be settled by April 7, 2025.
The extended payment terms maintain an interest charge of 10% per annum, and there is no provision for the balance of the Second Tranche to be reduced by RM1.0 million even if the payment is completed by the new deadline. All other conditions related to the Sincere Acres acquisition remain the same.
This update is based on a press release statement from MobilityOne Limited.
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