IN BRIEF: MobilityOne subsidiary pushes Sincere Acres payment deadline
MobilityOne Ltd - Kuala Lumpur-based e-commerce payment solutions provider - Subsidiary extends payment deadline in its acquisition of Sincere Acres Sdn Bhd, an investment holding company operating in Malaysia. In October, MobilityOne Sdn Bhd, the company's wholly owned Malaysian subsidiary, completed the acquisition of a 49% interest in Sincere Acres for a cash consideration of MYR30.0 million, around GBP5.0 million. The first MYR2.0 million tranche has been paid, and Mobility was required to pay the second tranche of MYR28.0 million by Friday. This date has been extended by 6 months to September 8. As a result, the second tranche payment will now be subject to an interest charge of 10% per year. The balance payable on the second tranche will be reduced by MYR1.0 million if the payment is made before the extended deadline, MobilityOne says. Read More