Photo - Ganesh Kumar Bangah, Co-founder and CEO of MOL
Malaysia-headquartered regional e-commerce services provider MOL Global announces that DYMM Sultan Ibrahim of Johor has acquired a 15% stake in its online transactions subsidiary MOL AccessPortal.
MOL co-founder and chief executive officer Ganesh Kumar Bangah said an agreement has been made with His Royal Highness, DYMM Sultan Ibrahim of Johor for His Royal Highness to acquire the 15 percent stake in its wholly-owned operating subsidiary, MOL AccessPortal (MOL) for a cash consideration of US$120 million.
Bangah said MOL will retain an 85 percent stake in MOL, which operates 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 the State of Johor where it was originally conceptualized 14 years ago," he said. "Tan Sri Vincent Tan, our major shareholder and I, both being Johoreans, 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, said Bangah.
MOL offers online payment services to more than 360,000 physical payment channels with a localised presence across 12 countries: Malaysia, Thailand, Philippines, Indonesia, Vietnam, Singapore, Australia, New Zealand, Taiwan, Turkey, Brazil and USA.