(From left) MOL Global Pte Ltd Ganesh Kumar Bangah. MOL AccessPortal Sdn Bhd, a subsidiary of MOL Global, signed a joint venture agreement with Soft Space to set up a JV company MOLCube Sdn Bhd, a mobile payment acquiring company focused on enabling small and medium-sized businesses to accept credit and debit car payments through a mobile device the former designed.
SINGAPORE: Shares in MOL Global Inc, the first Malaysian company to list in the United States, fell more than 60% on Monday after the online payments company reported accounting errors at its Vietnam unit and a 61.5% fall in net profit.
The company, majority owned by billionaire Tan Sri Vincent Tan and the Sultan of Johor, is now trading 80% below the price it listed at on Oct 10. It is also facing two class action lawsuits from investors who said they had been misled by its listing prospectus.
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