Introduction

The Board of Directors of MPay wishes to announce that the Company had on 30 October 2015, acquired 1 ordinary share fully paid, representing 100% of the issued and paid-up share capital of ManagePay International Pte. Ltd. (“MPI”) from Mr Chin Shea Fong, for a total cash consideration of Singapore Dollar One (SGD1.00) (“Acquisition”). Subsequent to the Acquisition, MPI becomes a wholly-owned subsidiary of MPay.

Information of MPI

MPI was incorporated on 7 October 2015 in the Republic of Singapore under the Companies Act, Chapter 50.

The issued and paid-up share capital is SGD1.00 and the intended activity of MPI is to deploy Mpay Managed Payment System (MPS), Mobile Point of Sales System (MPOS), Integrated Point of Sales System (iPOS) and to provide third party acquiring (TPA) services in Singapore.

The Directors of MPI are Mr Chin Shea Fong and Mr Chew Chee Seng.

Rationale for the Acquisition

The Acquisition of MPI will enable MPay to execute any contract of service for the business activities mentioned above with a local bank in Singapore.

Directors’ and/or Major Shareholders’ Interests

Save for Mr Chin Shea Fong who has interests in the Acquisition, none of the Directors and/or major shareholders of MPay and/or persons connected with them have any interests, direct or indirect, in the Acquisition.

Financial Effects

The Acquisition will not have any material effect on the earnings per share and net assets per share of MPay for the financial year ending 31 December 2015.

The Acquisition will not have any effect on the share capital, gearing and substantial shareholders’ shareholdings of MPay.

This announcement is dated 30 October 2015.