Sultan Ibrahim of Johor to acquire 15% in payment service provider MOL
A taste of royalty: Malaysia’s Sultan Ibrahim of Johor wants to invest in the technology sector and create job opportunities in the countryBy Elaine Huang 20 Feb, 2014
Online payment service provider MOL Global yesterday announced that the Sultan Ibrahim of Johor, Malaysia, will be acquiring 15 per cent stake in Malaysia-based subsidiary MOL AccessPortal Sdn Bhd for a cash consideration of US$120 million.
With a localised presence in 12 countries, including Malaysia, Thailand, the Philippines, Vietnam, Singapore, Australia, New Zealand, Taiwan, Turkey, Brazil and the US, the firm has handled over 60 million transactions each year, with an annual payment volume of more than US$500 million.
According to the official statement, Sultan Ibrahim of Johor has plans to increase involvement in the technology sector and create more job opportunities in the Malaysian state.
Ganesh Kumar Bangah, Co-founder and CEO, MOL added, “MOL has grown to be a global internet company that can trace its roots back to the State of Johor where it was originally conceptualised 14 years ago.”