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KUALA LUMPUR - MobilityOne Limited (AIM:MBO), an e-commerce infrastructure payment solutions provider, announced Monday it has secured another extension for the remaining payment of its 49% stake acquisition in Sincere Acres Sdn Bhd.
The company has negotiated with United Flagship Development Sdn Bhd to extend the payment deadline for the outstanding RM28 million second tranche from August 31 to November 30, 2025. This represents the majority of the RM30 million total acquisition price, of which RM2 million was already paid as the first tranche.
As part of the extension agreement, MobilityOne’s Malaysian subsidiary will pay accrued interest of RM705,753 for the June to August 2025 period in three equal monthly installments through November. The outstanding amount continues to accrue interest at 10% annually.
This marks the latest in a series of extensions for the payment, which was originally due on March 8, 2024, with the most recent extension previously granted until August 31, 2025.
Unlike previous arrangements, the new extension does not include any provision for reducing the balance by RM1 million if payment is completed by the deadline. All other terms of the acquisition remain unchanged, according to the company’s press release statement.
MobilityOne initially announced the acquisition of the stake in Sincere Acres on October 4, 2023.
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