By BFN News | 02:10 PM | Monday 01 March, 2021 E-commerce infrastructure payment solutions and platform provider, MobilityOne, has announced its intention to acquire 50% of OneTransfer Remittance Sdn Bhd.
The group s whole owned operating subsidiary, MobilityOne Sdn Bhd entered into an agreement on February 26, 2021 to acquire the 50% shareholding the group does not already own.
The total consideration for the acquisition of RM3,000,000 (equivalent to c.£531,000) has been paid to the vendors from the group s existing cash resources. The acquisition is conditional upon the written approval of Bank Negara Malaysia being obtained within three months from the date of the agreement.
OneTransfer Remittance is incorporated in Malaysia and provides international remittance services in Malaysia. It currently holds a remittance business licence issued by BNM and has six outlets in Malaysia. MobilityOne currently owns, via M1 Malaysia, 50% of the business and upon completion of the acqu