News blog
MobilityOne Ltd
- BY: Andrew Hore |
- POSTED: 08/12/2009 |
MobilityOne Ltd has raised £365,000 at 2.5p a share, which is much higher than the current share price.
The Malaysian mobile phone top-ups and electronic payments group will use the cash for working capital.
At 1.92p a share, up 0.25p on the day, the existing share capital is valued at £1.32m.
MobilityOne reported a 11% decline in revenues to £5.4m in the six months to June 2009. The business swung from an interim profit of £16,000 to a loss of £420,000. MobilityOne reported a loss of £916,000 on revenues of £12.5m in the whole of 2008.
The market remains tough but costs have been cut and new products launched. There are hopes of improved contributions from Indonesia and Cambodia next year.
MobilityOne is in litigation with GHL Systems Berhad, Tay Beng Lock and Chin Fook Keong over refunds of payments made in 2005.
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