MobilityOne Limited Agreement with MBP Solutions Sdn Bhd (5723L)

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RNS Number : 5723L

MobilityOne Limited

27 December 2018

MobilityOne Limited

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

Agency and reseller agreement with MBP Solutions Sdn Bhd

Further to the announcement released by MobilityOne on 20 December 2018, the Board of MobilityOne (AIM:MBO), the e-commerce infrastructure payment solutions and platform provider, is pleased to confirm that MobilityOne Sdn Bhd ("MobilityOne Malaysia"), the Group's wholly-owned operating subsidiary with activities in Malaysia, has today entered into an agency and reseller agreement (the "Agreement") with MBP Solutions Sdn Bhd ("MBP"), a wholly-owned subsidiary of TFP Solutions Berhad ("TFP"), a company listed on the ACE Market of Bursa Malaysia Securities Berhad.

Under the Agreement, MBP has, with effect from 27 December 2018, been appointed as a reseller and agent for the products and services of MobilityOne Malaysia, which include mobile phone prepaid airtime reload, bill payment and any other products such as e-wallet. MobilityOne Malaysia works with a number of resellers of its products in Malaysia and the Agreement is non-exclusive. Pursuant to the Agreement, MobilityOne Malaysia will pay MBP a sales commission on the products sold. The Agreement can be terminated by either party at any time providing one month's notice.

MBP will initially take over managing one existing retail merchant of MobilityOne Malaysia. Whilst this will not result in an increase in Group revenues in the immediate term, the Directors of MobilityOne expect that the agreement with MBP will reduce the ongoing financing costs of working with this particular retail merchant and the Directors of MobilityOne are hopeful that MBP will be able to secure new retail merchants going forward under the reseller and agency agreement.

Dato' Hussian Rizal Bin A. Rahman (CEO/Executive Director of MobilityOne and a director of MobilityOne Malaysia) is also an executive director and 30.6% shareholder in TFP. As such, MobilityOne Malaysia entering into the Agreement with MBP constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the Directors of MobilityOne (excluding Dato' Hussian Rizal Bin A. Rahman) consider, having consulted with the Company's nominated adviser, Allenby Capital Limited, that the terms of the Agreement are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please contact:

 
 MobilityOne Limited                                         [phone] 
 Dato' Hussian A. Rahman, CEO/Executive Director             www.mobilityone.com.my 
 [e-mail] 
  Derrick Chia Kah Wai, Chief Operating Officer/Executive 
  Director 
  [e-mail] 
 
 Allenby Capital Limited (Nominated Adviser 
  and Broker)                                                [phone] 
 Nick Athanas 
  James Reeve 
 
 

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 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

Information on TFP

TFP and its subsidiaries provide business productivity solutions and services in Malaysia which include enterprise resource planning, big data business analytics and reporting, educational management system, human resource management system and customer relationship management solutions. MBP is in the business of providing enterprise systems solutions.

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December 27, 2018 05:49 ET (10:49 GMT)