Green Packet acquires mobile payments solution provider Mobiduu

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KUALA LUMPUR (July 17): Green Packet Bhd today announced the proposed acquisition of a 100% stake in Mobiduu Solutions Sdn Bhd for RM4 million.

The sellers of the mobile payments solution provider are two individuals, Rashad Khaleel Mousa Bdeiri and Suhaima Abd Hamid.

In a filing with Bursa Malaysia, Green Packat said the acquisition will be undertaken by its wholly-owned subsidiary Packet Interactive Sdn Bhd.

The purchase, it said, would facilitate and enhance its growth potential and business efficiency.

It would allow the group to expand its existing technology platform, solutions and services to its customers, thus enabling it to provide an end-to-end solution for its services, added Green Packet.

The company said  Mobiduu has developed a proven and ready e-services and loyalty platform to launch Green Packet’s mobile payment services.

“The company has also taken into consideration the opportunity costs in terms of time to market our e-services solutions and investment costs that may be required to develop a similar new software platform,” said Green Packet.

Shares in Green Packet closed down half a sen or 1.45% at 34 sen today for a market capitalisation of RM255.34 million. Over the past 12 months, the stock has climbed by 44.68%.