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Payments company MobilityOne said it had decided to cease its activities in Bangladesh and sell its interest in its 55%-owned operating subsidiary there for a nominal sum.
The company had agreed to sell the stake in Mobility i Tap Pay to Malaysian businessman Gul Rahfia Bin Gull Rahman for RM100, or about £20.
For the financial year ended 31 December 2018, the related holding company M1SA group incurred losses of RM7.65 million (£1.45m) of which RM4.14 million (£0.78m) was attributable to MobilityOne.
'Although the long-term business prospects for MiTP may have been positive, the company will be required to incur significantly more costs in order to grow its revenue,' MobilityOne said.
'As such, to avoid further losses to the group, the board has decided to discontinue its operations in Bangladesh by proceeding with the disposal and to focus the group's attentions on its core market in Malaysia.'
'As a result of the disposal, the company will not be required to consolidate the results of MiTP moving forward.'
At 1:26pm: (LON:MBO) MobilityOne Ltd share price was 0p at 2.65p