MOL Global Pte. Ltd announced that the Sultan of Johor (Malaysia), Sultan Ibrahim Ismail will acquire a 15% stake in its wholly-owned operating subsidiary, MOL AccessPortal Sdn Bhd for a cash consideration of USD120 million (about RM395 million).
Following the transaction, MOL Global will retain an 85% stake in MOL.
The co-founder & CEO of MOL, Ganesh Kumar Bangah said “MOL has grown to be a global internet company that can trace its roots back to the State of Johor where it was originally conceptualized 14 years ago. Tan Sri Vincent Tan, our major shareholder and myself, both being Johorean are honoured to have DYMM Sultan Ibrahim as a shareholder of MOL as we grow MOL to the next level.”
It is the wish of DYMM Sultan Ibrahim for Johor to increase its involvement in the technology sector creating more employment and job opportunities for the people of Johor, MOL said in a statement.
MOL is one of Asia’s online payment service providers and operates MOLPoints, an online games and digital goods micropayment platform.
The company is connected to over 360,000 physical payment channels with a localized presence across 12 countries; namely Malaysia, Thailand, Philippines, Indonesia, Vietnam, Singapore, Australia, New Zealand, Taiwan, Turkey, Brazil and USA. MOL’s proprietary MOLPoints micropayment system is a digital goods and online game payment platform which helps collect payments for over 1,000 online games from more than 250 content providers. It also owns Friendster Inc, now an online social gaming platform.