ManagePay enters JV to procure MVNO licence from MCMC

ManagePay enters JV to procure MVNO licence from MCMC
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KUALA LUMPUR (Aug 9): ManagePay Systems Bhd (MPay) has entered into an agreement with Contracts Rise Sdn Bhd (CRSB) to set up a joint venture company (JVC) to procure Mobile Virtual Network Operator (MVNO) licence from Malaysian Communication And Multimedia Commission (MCMC) and to launch and promote selfbranded MVNO Starter Pack to all Malaysian and foreigners in Malaysia.

In a filing to Bursa Malaysia this afternoon, MPay said CRSB would secure a project of 200,000 users for the JVC, while MPay would enable each user with e-Money capabilities via MPay E-Wallet, including issuing a MasterCard Virtual Card Number in each MPay Wallet.

The company said this provides growth and business prospects for MPay in the future.

MPay will hold a 40% stake in the JVC, while CRSB the remaining 60%.

MPay said it would fund its investment in the JVC, through its internally-generated funds.

At midday break, MPay fell 1.96% or 0.5 sen to 25 sen, with 4.40 million shares traded.