Update in relation to Sincere Acres Sdn Bhd
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On 4 October 2023, the Company announced, amongst other matters, that MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly-owned operating subsidiary in Malaysia, had completed the acquisition of a 49% equity interest in Sincere for a cash consideration of RM30,000,000. It was further announced that whilst the first tranche, representing RM2.0 million, had been paid by M1 Malaysia to United Flagship Development Sdn Bhd (the "Vendor"), the second tranche, representing the balance of RM28.0 million (the "Second Tranche"), was required to be paid by M1 Malaysia by 8 March 2024 (the "Second Tranche Payment Date").
The Second Tranche Payment Date has been subject to several prior extensions, as announced by the Company most recently on 16 March 2026.
On 26 June 2026, the Vendor agreed with M1 Malaysia to further extend the Second Tranche Payment Date for payment of the Second Tranche plus accrued interest to the earlier of: (i) 31 August 2026; or (ii) 21 days from date of approval from Nasdaq for the completion of a merger exercise between Technology & Telecommunication Acquisition Corporation and Super Apps Holdings Sdn Bhd ("Super Apps"), which includes M1 Malaysia's proposed joint venture with Super Apps. Details of the merger exercise and proposed joint venture was most recently announced by the Company on 7 April 2026.
As part of this extension, M1 Malaysia has agreed to pay the Vendor in cash the accrued interest for the period from 1 June 2026 to 31 August 2026 totalling RM705,753.42 in three equal monthly instalments in June 2026, July 2026 and August 2026. A total of RM1,400,000 in accrued interest for the period from 9 March 2024 to 8 September 2024 remains outstanding and the parties have agreed as part of the extension that this will be paid by M1 Malaysia at a later date but in any event by no later than 31 August 2026.
In line with the Second Tranche payment terms, any payment made in relation to the outstanding amounts on the Second Tranche will continue to be subject to an interest charge of 10% per annum.
All other terms of the acquisition of Sincere are expected to remain unchanged.
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