Update on Proposed Joint Venture with Super Apps
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MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, notes that an amended preliminary proxy statement/prospectus has been filed by Tete Technologies Inc, a wholly owned subsidiary of Technology & Telecommunication Acquisition Corporation ("TETE"), on 1 July 2024 (the "TETE Proxy Filing") which is available for viewing on the United States Securities and Exchange Commission's website ("SEC").
As announced by the Company on 1 March 2024 and 2 April 2024, the payment of the consideration to MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly-owned operating subsidiary in Malaysia, in relation to the terms of the Share Sale Agreement between M1 Malaysia and Super Apps Holdings Sdn Bhd ("Super Apps") concerning the disposal by M1 Malaysia of a 60% shareholding in the Group's wholly-owned non-core subsidiary OneShop Retail Sdn Bhd to Super Apps is subject to the completion of the Merger Exercise and such consideration payments will be dependent on the timings for completion of the Merger Exercise.
The Company will release further announcements as and when appropriate.
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