Bernama: Johor Sultan Acquires 15 Per Cent Stake In MOL For RM396 Million Cash
Johor Sultan Acquires 15 Per Cent Stake In MOL For RM396 Million Cash
KUALA LUMPUR, Feb 19 (Bernama) — Internet company, MOL Global Pte Ltd, on Wednesday announced an agreement to dispose of 15 per cent equity interest in its unit, MOL AccessPortal Sdn Bhd (MOL), for US$120 million (RM396 million) in cash to the Sultan of Johor, Sultan Ibrahim Sultan Iskandar.
MOL chief executive officer Ganesh Kumar Bangah said it was the Sultan of Johor’s wish to increase his involvement in the technology sector to create more job opportunities for Johoreans.
“MOL has grown to be a global internet company that can trace its roots back to the Johor state where it was originally conceptualised 14 years ago.
“(Tycoon) Tan Sri Vincent Tan, our major shareholder and myself, both being Johoreans, are honoured to have Sultan Ibrahim as a shareholder of MOL as we grow MOL to the next level,” he said in a statement.
MOL is one of Asia’s online payment service providers and operates MOLPoints, an online games and digital goods micropayment platform.
Following completion of the acquisition, MOL Global will retain an 85 per cent stake in MOL, he added.