By Khairul Khalid
The Sultan of Johor has bought a 15% stake in MOL AccessPortal (MOL) for US$120 million (RM395.78 million), said a statement released by the company.
“It is the wish of Sultan Ibrahim to increase its involvement in the technology sector and create more job opportunities for the people of Johor. Our major shareholder Vincent Tan and myself, both being Johorean are honoured to have Sultan Ibrahim as a MOL shareholder,” said the co-founder & CEO of MOL Ganesh Kumar Bangah.
MOL AccessPortal is a wholly owned subsidiary of MOL Global the online payment company owned by billionaire Vincent Tan, founder of Berjaya Group. It is one of Asia’s largest online payment service providers and operates MOLPoints, an online games and digital goods micropayment platform.
It has a presence in 12 countries including Malaysia, Thailand, Philippines, Indonesia, Vietnam, Singapore, Australia, New Zealand,Taiwan, Turkey, Brazil and USA.
MOL Global was founded in 2000 and handles more than 60 million payments annually worth US$500 million. In 2009, MOL bought social networking website Friendster which has since evolved into an online gaming network.
MOL is also reported to be holding preliminary discussion for a dual IPO (Initial Public Offering) in Malaysia and either Singapore, Hong Kong or United States. The listing is expected take place in the first half of this year and plans to raise US$300 million.
This would be the second deal in quick succession between Tan and the Sultan of Johor.
Last December, Sultan of Johor paid RM250 million for a 20% stake in Tan’s Berjaya Times Square Sdn Bhd (BTS), owner of the Berjaya Times Square Mall in Jalan Imbi, Kuala Lumpur.
In another notable transaction last December, the Sultan of Johor sold 116 acres of land in JB to Chinese developer Guangzhou R&F Properties for RM4.5 billion.
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