Super Apps Holdings Sdn Bhd, a Malaysian private limited company, and Technology & Telecommunication Acquisition Corporation a special purpose acquisition company plan to merge resulting in Super Apps becoming a publicly listed company.
Upon closing of the transaction, the combined company will be named TETE Technologies Inc. and is expected to remain listed on the Nasdaq Stock Market estimating enterprise value for the combined company of approximately $1.1 billion.
Super Apps entered into a share sale agreement with MobilityOne Sdn Bhd, a wholly-owned subsidiary of AIM quoted MobilityOne Limited, pursuant to which Super Apps agreed to purchase 60% of MobilityOne’s ownership interest in OneShop Retail Sdn. Bhd. in a transaction that will close prior to the consummation of the Business Combination. MobilityOne has developed an end-to-end e-commerce solution that connects various service providers across several industries such as banking, telecommunication, and transportation through multiple distribution channels such as electronic data capture terminals, short messaging services, automated teller machines, and Internet banking services.
MobilityOne currently has ownership of the intellectual property that OneShop Retail uses in its operations and, in connection with the closing of the Business Combination, MobilityOne will grant OneShop Retail a long-term license for use of the such intellectual property. MobilityOne’s technology platform is flexible, scalable and has been designed to facilitate cash, debit card, and credit card transactions (according to the device) from multiple devices while controlling and monitoring the distribution of different products and services.
Super Apps and MYISCO Sdn Bhd, a wholly owned subsidiary of MyAngkasa Digital Services Sdn Bhd, a Malaysian private limited company led by Angkatan Koperasi Kebangsaan Malaysia also entered into a collaboration agreement.
Based upon the Company’s anticipated collaboration with MYISCO and other potential collaborations, the combined company projects revenue of approximately $348 Million for the financial year.
The proceeds will be used to build out its technology infrastructure to support demand from blue chip customers in the fast-growing e-commerce payment solutions market and enhance revenue.
Loo See Yuen, Chief Executive Officer of Super Apps, commented, “We are excited to enter the public markets through our business combination with TETE. The proceeds from the business combination, combined with our leadership team’s significant fintech industry experience, will allow Super Apps to accelerate growth in revenue through the expansion of its workforce, including sales and marketing headcount.
