27th Jun 2014 09:31
LONDON (Alliance News) - Mobile payments company Monitise PLC Friday said it has acquired full ownership of AGIT Monitise Indonesia, its joint venture with PT Astra Graphia Information Technology.
Under the deal, Monitise paid Astra Graphia Information Technology with 12.9 million new Monitise shares of in Monitise for the remaining 51% stake in the joint venture, which values the stake AGIT held at around GBP7.3 million.
Monitise and AGIT entered the partnership in July 2011 to develop new mobile services for financial institutions and mobile network operators targeted at both banked and unbanked consumers in Indonesia.
"Taking control of this joint venture at this point in our journey will help to streamline our global business as we as we look to capitalise on the commercial opportunities we see in the Mobile Money industry in Indonesia, the rest of Asia Pacific and around the world," said Chief Commercial Officer Lee Cameron in a statement.
Monitise shares were down 3.1% at 55.00 pence Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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