Sun06252017

LAST_UPDATEFri, 30 Jun 2017 8am

Macquarie Bank To Subscribe Up To 500 Million Shares Of NetX Holdings Berhad

PETALING JAYA: NetX Holdings Berhad entered into a share subscription agreement with Australian bank Macquarie Bank Limited for the issuance and subscription of up to 500 million new shares to raise about RM25.5 million for the funding of the Group’s proprietary Mobile Payment Exchange System (MPex).

The proposed RM25.5 million will be utilized in the following manner, RM20 million for the development of NetX’s Mobile Payment Exchange System (MPex), and the remaining RM5.5 million as working capital and expenses.

“The first phase of the MPex system is targeted for deployment across Malaysia, China and later throughout South East Asia. According to a report by The Edge markets*, there are currently 260 million people online in South East Asia. South East Asia is the 4th largest internet market in the world with 700 million mobile connections and 3,800,000 users coming online every month. We intend to be one of the key players mobilizing and enabling this exponential mobile growth. Macquarie coming on board symbolizes their faith in us as a Group and our product as the leading platform for this movement,” Steve Tan, Executive Director of NetX Holdings Berhad explained.

The price for which Macquarie Bank Limited subscribes for the shares will be calculated at 90% of the average of the daily volume-weighted average price (VWAP) of the shares as traded on Bursa Securities during the five consecutive trading days immediately preceding each date on which Macquarie Bank Limit delivers the relevant subscription notice.

The Group intends to develop a proprietary MPex system that is secure and web-based to serve as a platform that will ultimately enable every mobile subscriber to have multiple payment options for their everyday e-commerce transaction, whether on conventional websites or via their mobile wallets.

“The era of e-commerce, the likes of what is offered in China, is at its infancy here. By creating an integrated payment exchange that allows easy electronic payment agnostic of payment gateways, we will enable merchants to capitalize on this growth,” Tan shared.

Macquarie Bank Limited does not intend to be a controlling shareholder of NetX Holdings Berhad.

-Media statement