MobilityOne Limited said a key step in its proposed joint venture with Super Apps has been approved, after shareholders in its US partner backed the deal.
The company said Technology & Telecommunication Acquisition Corporation has passed all resolutions at an extraordinary meeting.
MobilityOne, which provides e-commerce payment infrastructure, is set to receive up to RM60 million, equivalent to about £10.3 million, linked to the transaction. Payments include RM40 million shortly after completion and a further RM20 million at a later stage.
The group will also be eligible for additional shares worth RM20 million if performance targets are met.
Under the agreement, MobilityOne will carve out part of its electronic voucher business into subsidiary OneShop, which must achieve $125 million in annual revenue.
The deal involves the disposal of a 60% stake in OneShop to Super Apps, with completion dependent on the merger process.
MobilityOne said further updates will follow once the transaction progresses.