Monitise to acquire ownership of its Asia Pacific JV

Friday 18 October 2013 10:10 CET | News

UK-based mobile financial technology company Monitise has unveiled plans to acquire full ownership of Monitise Asia Pacific, its 50 percent joint venture with First Eastern Mobile Investments, a China-based investment group controlled by Victor Chu.

Under the deal, Monitise has paid 20 mln ordinary shares of 1p each in Monitise plc to First Eastern for the remaining 50 percent stake in Monitise Asia Pacific.

Completion of the acquisition is conditional only upon admission taking place. Following admission, Monitise will have 1,640,029,298 Ordinary Shares in issue.

Following the transaction, Monitise is set to take full control of Monitise Asia Pacific’s 49 percent stake in its Indonesian joint venture with PT Astra Graphia Information Technology. That partnership, which was entered into in 2011, was created to develop new mobile services for financial institutions targeted at both banked and unbanked consumers in Indonesia.

In recent news, Monitise has unveiled that its BlackBerry messenger peer-to-peer (P2P) payments service, BBM Money, has been enhanced with new functionalities including an array of bill payments, cardless cash withdrawals via ATMs and access via wifi.

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Keywords: Monitise, ownership of Asia Pacific JV, UK, China, First Eastern Mobile,
Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce