TIDMMBO
RNS Number : 3661B
MobilityOne Limited
11 February 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK Market Abuse Regulation. With the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
11 February 2022
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
Entry into tenancy agreement and ordinary course commercial
transactions
MobilityOne (AIM: MBO), the e-commerce infrastructure payment
solutions and platform provider, announces that, MobilityOne Sdn
Bhd ("M1 Malaysia"), a wholly-owned subsidiary of the Group
incorporated in Malaysia, has entered into a tenancy agreement with
LMS Digital Sdn Bhd ("LMS") to occupy approximately 4,500 square
feet of office space at Wisma LMS, Kuala Lumpur, Malaysia (the
"Wisma LMS Office") (together the "Tenancy Agreement").
The current office owned by M1 Malaysia, at Megan Avenue II in
Kuala Lumpur, Malaysia, has a total floor size of 2,800 square feet
and is, accordingly, insufficient for catering the growing staff
needs of M1 Malaysia and its subsidiaries (together the "M1
Group"). The Wisma LMS Office, located in the Off Jalan Raja Muda
Abdul Aziz district in Kuala Lumpur, is approximately 4,500 square
feet in size and therefore offers the necessary staff space for the
M1 Group. Currently, the M1 Group is occupying the Wisma LMS Office
rent-free ("Rent Free Period") and has simultaneously been renting
out the Megan Avenue II office for RM2.50 per square feet, which is
also the square feet rate that is payable in relation to the Wisma
LMS Office.
Pursuant to the terms of the Tenancy Agreement, M1 Malaysia will
pay a monthly rental fee of RM11, 250 to LMS on the first day of
each succeeding month which is payable on or before the seventh day
of the month. M1 Malaysia will not be required to pay any rental
deposit, utility deposit or any historic consideration in relation
to the Rent Free Period as part of the Tenancy Agreement. The
Tenancy Agreement will commence on 1 March 2022 and will be for a
minimum period of one year and will automatically renew on a yearly
basis unless either party gives three months' notice to the other
party to terminate.
The Group does not anticipate any revenue or earnings
contribution from the Tenancy Agreement to the Group.
Ordinary course commercial transactions
The Company is pleased to further announce that M1 Malaysia and
TFP Solutions Berhad ("TFP") have agreed the terms that will form
the basis of several ordinary course commercial transactions
(otherwise known as "Business Transactions"), details of which are
outlined below. MBP Solutions Sdn Bhd ("MBP"), a wholly-owned
subsidiary of TFP (listed on the ACE Market of the Malaysia Stock
Exchange), is an agent and reseller for the products and services
of M1 Malaysia. This includes since December 2018 acting as agent
and reseller of mobile phone prepaid airtime reload, bill payment
and any other products and services to be provided by M1 Malaysia.
The current business activities of TFP and its subsidiaries
(together the "TFP Group") include providing network security, IT
solutions, SAP products, human resource management solutions,
mobile telecommunications services and a mobile fintech
platform.
The Business Transactions are revenue in nature and are not
expected to generate material profit for the Group.
.
Nature of Business Transaction Estimated annual
amount*
M1 Group to charge TFP Group for development work RM50,000 to
to integrate eWallet/eMoney into TFP Group's services RM100,000
and white labelling the eWallet/eMoney.
------------------
M1 Group to charge TFP Group for various value RM1,000,000
added services (including prepaid top-up and bill to RM5,000,000
payment) to be provided by M1 Group. Charges are of revenue from
to be based on revenue/gross profit sharing as end consumers
a channel partner. and both parties
to share certain
percentages
of gross profit
from the revenue
of various value
added services
------------------
M1 Group to charge TFP Group for using M1 Group's RM50,0000 to
online payment gateway. Amount charged to be based RM100,000
on percentage of payment.
------------------
M1 Group to charge TFP Group for SMS blasting RM50,000 to
services. Amount charged to be based on usage RM100,000
and quantity of SMS.
------------------
M1 Group to charge TFP Group for using M1 Group's RM50,000 to
payment terminals and online payment to accept RM100,000
payment via credit/debit cards and eWallets. Amount
charged to be based on commission/discount rate
sharing.
------------------
TFP Group to charge M1 Group for SAP Business RM20,000 to
One software licenses. Amount to be charged by RM50,000
TFP Group will be based on TFP Group's standard
implementation and maintenance costs.
------------------
* The actual amount may vary, depending on the business growth
and requirements.
The Business Transactions (other than SAP Business One) will
allow the M1 Group to earn additional income from TFP Group and its
business network. The M1 Group has been using SAP Business One
software for many years. Since TFP Group is in the business of
providing SAP products and services and is a business partner of
the M1 Group, the transactions in connection with SAP Business One
are expected to enhance the working relationship between the two
groups.
Related party transaction disclosure
Dato' Hussian A. Rahman ("Hussian") is a director of the Company
and M1 Malaysia as well as a substantial shareholder of the
Company. Hussian is also a director of LMS and TFP respectively and
a substantial shareholder of LMS and TFP respectively. Accordingly,
the entry into the Tenancy Agreement and the Business Transactions
outlined above are related party transactions under the AIM Rules.
The Directors of the Company (excluding Hussian who is not
considered to be independent as he is a director of LMS and TFP
respectively and a substantial shareholder of LMS and TFP
respectively) consider, having consulted with the Company's
nominated adviser, Allenby Capital Limited, that the terms of the
Tenancy Agreement and the Business Transactions are fair and
reasonable insofar as the Company's shareholders are concerned.
For further information, please contact:
MobilityOne Limited +6 03 89963600
Dato' Hussian A. Rahman, CEO www.mobilityone.com.my
har@mobilityone.com.my
Allenby Capital Limited
(Nominated Adviser and Broker) +44 20 3328 5656
Nick Athanas /Vivek Bhardwaj
About the Group:
MobilityOne provides e-commerce infrastructure payment solutions
and platforms through its proprietary technology solutions. 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 ("ATM") 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
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END
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February 11, 2022 02:00 ET (07:00 GMT)
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