Malaysian online payment firm readies for Nasdaq IPO

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MOL-LogoMOL Global Pte, a Malaysian online payment company owned by billionaire Vincent Tan, has picked Deutsche Bank AG and Credit Suisse AG to work on a $300 million IPO in the US, said a person with direct knowledge of the plans.

The firm is aiming for a Nasdaq listing by the first half of 2014, changing from an earlier plan to list in Kuala Lumpur as its peers such as eBay Inc are listed in the US, according to Reuters.

Also known as Money Online, MOL is expanding in Southeast Asia and plans to tap a push by Malaysia’s government to drive e-payments in preparation for a new consumption tax that kicks in in 2015. MOL, which snapped up Friendster Inc – one of the earliest social networking sites – in 2009 to boost its online reach, has said it currently processes an annual payment volume of over half a billion US dollars.

MOL has a market presence in Southeast Asia, India and Australia. It has recently turned its focus to the US and Brazilian markets by taking up a majority stake last year in Silicon Valley-based e-payment company Rixty Inc for an undisclosed sum.

MOL might be the biggest listing in 2013 for Tan, who as Malaysia’s 10th richest man with a net worth of $1.3 billion, made his fortune running businesses from lotteries to hotels and fast food franchises. He plans to list Seven Convenience, operator of all 7-11 stories in Malaysia in a $250 million IPO in March. Sources have also said Tan is exploring a listing of Welsh football team Cardiff City on Singapore’s small cap Catalist exchange.

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Reading Time: 1 minute

MOL Global Pte, a Malaysian online payment company owned by billionaire Vincent Tan, has picked Deutsche Bank AG and Credit Suisse AG to work on a $300 million IPO in the US, said a person with direct knowledge of the plans.

Reading Time: 1 minute

MOL-LogoMOL Global Pte, a Malaysian online payment company owned by billionaire Vincent Tan, has picked Deutsche Bank AG and Credit Suisse AG to work on a $300 million IPO in the US, said a person with direct knowledge of the plans.

The firm is aiming for a Nasdaq listing by the first half of 2014, changing from an earlier plan to list in Kuala Lumpur as its peers such as eBay Inc are listed in the US, according to Reuters.

Also known as Money Online, MOL is expanding in Southeast Asia and plans to tap a push by Malaysia’s government to drive e-payments in preparation for a new consumption tax that kicks in in 2015. MOL, which snapped up Friendster Inc – one of the earliest social networking sites – in 2009 to boost its online reach, has said it currently processes an annual payment volume of over half a billion US dollars.

MOL has a market presence in Southeast Asia, India and Australia. It has recently turned its focus to the US and Brazilian markets by taking up a majority stake last year in Silicon Valley-based e-payment company Rixty Inc for an undisclosed sum.

MOL might be the biggest listing in 2013 for Tan, who as Malaysia’s 10th richest man with a net worth of $1.3 billion, made his fortune running businesses from lotteries to hotels and fast food franchises. He plans to list Seven Convenience, operator of all 7-11 stories in Malaysia in a $250 million IPO in March. Sources have also said Tan is exploring a listing of Welsh football team Cardiff City on Singapore’s small cap Catalist exchange.

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