MOL gets royal treatment, Johor Sultan buys stake
By Digital News Asia February 19, 2014
- Sultan of Johor takes 15% stake in MOL AccessPortal for US$120 million
- Company’s roots can be traced back to the state of Johor, 14 years ago
MOL Global Pte Ltd has agreed with Sultan Ibrahim of Johor for him to acquire a 15% stake in its wholly-owned operating subsidiary MOL AccessPortal Sdn Bhd (MOL), for a cash consideration of US$120 million.
MOL is one of Asia’s largest online payment service providers and operates MOLPoints, an online games and digital goods micropayment platform. Following the transaction, MOL Global will retain an 85% stake in MOL, it said in a statement.
MOL Global said Sultan Ibrahim wished for Johor to increase its involvement in the technology sector to create more employment and job opportunities for the people in the state.
MOL cofounder and chief executive officer Ganesh Kumar Bangah (pic) said the company, which has grown to be an international Internet company, can trace its roots back to the state of Johor where it was originally conceptualised 14 years ago.
“Vincent Tan, our major shareholder, and myself, both being Johorean, are honoured to have Sultan Ibrahim as a shareholder of MOL as we grow the company to the next level,” he added.
The company is connected to over 360,000 physical payment channels with a localised presence across 12 countries: Malaysia, Thailand, the Philippines, Indonesia, Vietnam, Singapore, Australia, New Zealand, Taiwan, Turkey, Brazil and the United States.
Its proprietary MOLPoints micropayment system is a digital goods and online game payment platform that helps collect payments for over 1,000 online games from more than 250 content providers.