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Saturday, February 22, 2014

DYMM Sultan Johor beli 15% saham MOL pada RM396 Juta

PETALING JAYA: The Sultan of Johor has made another investment in the corporate scene – this time by paying RM396mil for a 15% stake in Tan Sri Vincent Tan’s privately-owned MOL AccessPortal Sdn Bhd.

The deal values MOL at RM2.64bil, making it one of the most valuable online payment service providers in the local scene.

This price tag values MOL at 18 times more than its locally-listed peer GHL Systems Bhd, both of which are involved in online payment gateways.

Sources said MOL was seeking a listing on the US Nasdaq market and hence the valuation.

This is the second big transaction that Sultan Ibrahim Ismail has recently inked with Tan.

In December, he paid RM250mil for a 20% in Berjaya Times Square Sdn Bhd (BTS), which among others, owns the Berjaya Times Square Mall in Jalan Imbi.

MOL is co-founded by chief executive officer Ganesh Kumar Bangah who built the company from scratch to become one of the biggest online payment service providers.

Quitting university in his third year of engineering at Universiti Teknologi Mara, Skudai, to pursue his entrepreneurial dreams, Ganesh admittedly tried to emulate Bill Gates.

MOL was listed in 2003 making Ganesh, then only 23-years old, as the youngest CEO of a public-listed company. MOL, which was listed at a price of 75 sen, was subsequently privatised by Tan in 2008 at 62 sen.

In yesterday’s deal, MOL said it was one of Asia’s largest online payment service providers and that it operated MOLPoints, an online games and digital goods micropayment platform.

“MOL has grown to be a global Internet company that can trace its roots back to Johor where it was originally conceptualised 14 years ago. Tan, our major shareholder and myself, are honoured to have the Sultan as a shareholder of MOL as we grow MOL to the next level,” Ganesh said in the statement.

The company also said the Sultan was increasing its involvement in the technology sector to create more employment and job opportunities for the people of Johor.

Founded in 2000, the company currently handles over 60 million transactions annually, with an annual payment volume of over US$300mil.

It is one of Asia’s leading online payment service providers and is connected to over 360,000 physical payment channels with a localised presence across 12 countries.

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