LONDON : SkyNetGlobal Ltd, the Australian wireless broadband company listed in Sydney and on AIM in London , said it is paying up to A$42.5mil for a 60% stake in Malaysian company e-pay (M) Sdn Bhd, which provides electronic payment and top-up services for mobile phone users.
SkyNetGlobal will acquire Orion Gateway Ltd, which owns 60% of e-pay, for an initial A$28mil – A$20mil in shares and A$8mil in cash – plus a further A$14.5mil depending on performance.
The deal is conditional on shareholder approval and on the company raising A$20mil partly to fund the acquisition.
e-pay has a network of 6,000 point-of-sale terminal in Malaysia , Indonesia , and Pakistan and processes some 7.5 million transactions a month.
It generated revenue of A$220mil and net profit of A$2.0mil in the year to March 31. – AFX-Asia |
