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e-pay Asia gets $8.5m buy-out offer

e-pay Asia gets $8.5m buy-out offer

Electronic payment company e-pay Asia (ASX:EPY) has received a $8.5 million buy-out offer for its main operating assets from Tobikiri Capital.

The company has conditionally agreed to the sale of the operating subsidiaries that together hold its telecom business, which include prepaid mobile recharge operations in Malaysia, Thailand and Pakistan.

Conditions of the sale include the granting of approval by shareholders, an independent expert and the company's independent directors.

Should the transaction go ahead, proceeds to the value of 17 cents per share will be returned to shareholders.

The remainder will be put towards the company's future business operations, which e-pay Asia said it will provide more details of should a binding sale agreement be reached. The company has two weeks to decide whether to do so.

e-pay Asia currently has deals with 11 mobile operators across its three countries, with a combined 15,000 points of sale.

The company had entered talks last year to sell its operating units to Centurion Portfolio for $7 million exclusive of debt, but in May called off the deal after being unable to agree to terms.

EPY shares grew 4% on Wednesday to $0.130.

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Tags Mergers and acquisitionse-pay AsiaTobikiri CapitalASX:EPYCenturion Portfolio

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