MobilityOne Limited Bangladesh Partnership Agreement (0985C)

TIDMMBO

RNS Number : 0985C

MobilityOne Limited

10 April 2017

10 April 2017

MobilityOne Limited

("MobilityOne", the "Company" or the "Group")

Partnership Agreement to provide mobile financial services platform in Bangladesh

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider with its main operations in Malaysia, is pleased to announce that its wholly-owned subsidiary, MobilityOne Sdn Bhd ("MobilityOne Malaysia"), has today signed a partnership agreement (the "Agreement") with Mobility i Tap Pay (Bangladesh) Limited ("MiTBL") for the provision of a mobile financial services platform for a bank in Bangladesh. MiTBL is in the business of providing mobile banking technology and services in Bangladesh.

Pursuant to the Agreement, MobilityOne Malaysia will support MiTBL to provide the mobile financial services platform for Meghna Bank Ltd ("Meghna") in Bangladesh, which includes the following services and activities being provided to MiTBL:

   (i)            project management and consultancy services; 
   (ii)           mobile Financial Services system licensing; 
   (iii)          system enhancements and localization; 
   (iv)          infrastructure setup; 
   (v)           system testing and user acceptance testing; 
   (vi)          system deployment; 
   (vii)         system and operational training; 
   (viii)        system documentation and user guides; and 
   (ix)           system support and maintenance. 

Meghna is a commercial bank which was founded in 2013 in Bangladesh. Currently Meghna has more than 30 branches in Bangladesh. MiTBL has an agreement in place with Meghna for the provision of mobile financial services.

Under the terms of the Agreement MiTBL has also given MobilityOne Malaysia an option to acquire 55% of the enlarged share capital of MiTBL for 100 Taka (equivalent to GBP1) within 5 years from the date of the Agreement.

Based on unaudited management accounts of MiTBL for the period from 26 November 2015 to 31 December 2016, MiTBL did not generate any revenue and incurred a loss of 136.8 million Taka (equivalent to GBP1.36 million at prevailing exchange rates). As at 31 December 2016 net liabilities of MiTBL were 135.7 million Taka (equivalent to GBP1.35 million at prevailing exchange rates).

Dato' Hussian A. Rahman, CEO of MobilityOne, commented:

"The Agreement will enable MobilityOne to expand its services into Bangladesh in the future by working with MiTBL which has a good business network to open up new business opportunities in Bangladesh."

-ends-

For further information, contact:

MobilityOne Limited [phone]

Dato' Hussian A. Rahman, CEO www.mobilityone.com.my

[e-mail]

Allenby Capital Limited (Nominated Adviser and Broker) [phone]

Nick Athanas /James Reeve/Richard Short

About the Group:

MobilityOne provides e-commerce infrastructure payment solutions and platforms through its proprietary technology solutions, marketed under the brands MoCS and ABOSSE.

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

About MiTBL:

MiTBL was incorporated in Bangladesh on 26 November 2015. Its directors are Dr. Md. Zahir Uddin and Dr. Md. Shahin Hossain while its shareholders are Dr. Md. Zahir Uddin, Dr. Md. Shahin Hossain, Dr. Kamrul Ahsan and Lt. Col. (Retd.) Md. Abdul Latif Khan.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 10, 2017 10:00 ET (14:00 GMT)