LONDON, UK: MobilityOne Malaysia has entered into a joint venture cum shareholders agreement. This agreement with Syed Faisal Algadrie Bin Syed Hassan will pave the way for the establishment of a new joint venture company in Malaysia called “Qube Nexus Sdn Bhd” (“Qube”).

The primary objective of Qube will be to explore promising business opportunities, primarily focusing on the Kingdom of Saudi Arabia. As per the terms of the Agreement, MobilityOne Malaysia and Syed Faisal will hold 80% and 20% equity interest in Qube, respectively. The initial share capital of Qube will amount to RM100 (approximately £17). Notably, there are no predetermined obligations, exclusivity arrangements, or fixed time frames outlined in the joint venture agreement, as it is primarily intended to facilitate the exploration of potential business prospects.

While the joint venture is currently in its exploratory phase, it is important to note that the success of this collaboration cannot be guaranteed, and any commercial opportunities that may arise remain uncertain. The Board of MobilityOne maintains a positive outlook on the future potential of this joint venture. However, they anticipate that any resulting revenues or earnings contribution to the Group within the next 12 months will likely be insignificant.

The establishment of this joint venture marks an important step for MobilityOne as it expands its presence and explores new avenues in the e-commerce infrastructure payment solutions sector. By partnering with Syed Faisal Algadrie Bin Syed Hassan, the company aims to leverage his expertise and capitalize on potential opportunities in the Kingdom of Saudi Arabia. Although the financial impact of this joint venture may not be immediately substantial, MobilityOne remains committed to seeking growth and strategic partnerships that will drive its long-term success in the industry.

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