27th Jun 2014 07:00
Monitise takes full ownership of Indonesian joint venture
27 June 2014 Monitise plc (LSE: MONI) ("Monitise", the "Company" or the "Group") announces that it has acquired full ownership of PT AGIT Monitise Indonesia ("AGIT Monitise Indonesia"), its joint venture with PT Astra Graphia Information Technology ("AGIT").
Under the deal, Monitise has paid a total consideration of 12,949,339 ordinary shares of 1p each in Monitise ("Ordinary Shares") to AGIT for the remaining 51% stake in AGIT Monitise Indonesia. This values AGIT's stake in the joint venture at £7.3 million, based on Monitise's closing share price on Thursday 26 June 2014 of 56.75p.
The partnership with AGIT was entered into in July 2011 to develop new mobile services for financial institutions and mobile network operators targeted at both banked and unbanked consumers in Indonesia. Monitise is currently working with PT Bank Permata Tbk (PermataBank) and BlackBerry within the market and launched live services in Indonesia in February 2013. AGIT remains a partner in the region for ongoing commercial activity. The acquisition follows Monitise taking full ownership of the Asia Pacific joint venture in October 2013.
Monitise Group Chief Commercial Officer Lee Cameron said: "AGIT has been an incredibly valuable local partner for us in Indonesia over the last three years and we thank them for their support. 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."
Application has been made for 12,949,339 new Ordinary Shares to be admitted to trading on AIM. It is expected that admission of the Ordinary Shares will take place at 8.00 a.m. on 30 June 2014 ("Admission"). Following Admission, Monitise will have 1,944,649,036 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money - banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks utilise Monitise's technology platforms and services to securely connect people with their money.
Already 28 million consumers benefit from our patented technology to 'bank anywhere', 'pay anyone' and 'buy anything', accounting for $71bn of payments, purchases and transfers annually. More information is available at www.monitise.com.
About AGIT
AGIT is an information and communication technology business and part of PT Astra Graphia Tbk (IDX: ASGR), a majority-owned subsidiary of PT Astra International Tbk (IDX: ASII).
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