MobilityOne to acquire 55pc of MiTP

E-commerce infrastructure payment solution and platform provider MobilityOne announced on Friday that, on 9 November, it signed - via its recently incorporated wholly-owned subsidiary MobilityOne South Asia - a sale and purchase agreement with Zahir Uddin and Shahin Hossain to acquire a 55% shareholding in MiTP for a nominal cash consideration of BDT 0.55m, payable from the group's existing cash resources.

The AIM-traded firm said completion of the acquisition remained subject to the original share certificates and transfer forms in respect of the sale shares to be transferred to M1SA, and a directors' resolution of MiTP to approve the transfer of the sale shares to M1SA.

It said the acquisition was expected to complete within three business days from the date of the agreement.

On completion, Hussain Rahman and Derrick Chia Kah Wai, - existing directors of MobilityOne - will join the board of MiTP.

As it previously announced, the group - via its wholly-owned subsidiary MobilityOne Malaysia - entered into a partnership agreement in place with MiTP on 10 April.

Under the terms of that agreement, MiTP also provided MobilityOne Malaysia with an option to acquire 55% of the enlarged share capital of MiTP through the issue of new equity.

Following completion of the acquisition, that agreement would remain in place although the company said it has no intention at the current time to exercise that option since they would hold 55% of the current issued share capital of MiTP on completion of the acquisition.

“The acquisition of a majority interest in MiTP will allow the group to expand its services to Bangladesh and to explore other business opportunities in that region,” said MobilityOne CEO, Dato Hussain Rahman.