RNS Number : 3784V
e-pay Asia Limited
28 May 2008
ASX/AIM: EPY
ASX / AIM: EPY
28 May 2008
e-pay Asia Limited
("e-pay Asia" or the "Company")
Business Update:
New distribution channels signed and continued good progress in core market
The Board of e-pay Asia Limited is pleased to announce an update on its current business
activities.
Our core business in Malaysia continues to perform well. As announced in our preliminary
results in February, we are focused on growing
this business by targeting new channels and retailers. We are pleased to be able to report
that this strategy is proving successful with
deals recently signed with Tesco Malaysia and Kedai Ayamas, part of the KFC group of
companies.
Our 60% owned subsidiary, e-pay Malaysia, has concluded an agreement with Tesco Malaysia
that will see 660 terminals rolled out across
Tesco Malaysia's stores throughout Malaysia. This follows a successful trial begun in October
2007. Tesco Malaysia currently operates 21
stores.
In addition, e-pay Asia terminals will be installed at Kedai Ayamas convenience stores
throughout Malaysia. Kedai Ayamas, part of the
KFC group of companies, is one of Malaysia's leading chicken-based retail chains with 21
stores nationwide. The agreement follows a
successful pilot project in four stores that has been running since March; full national roll
out has started in May.
John Croft, Chairman of e-pay Asia, commented:
"We are very pleased to be able to report good initial progress from our new business
strategy. The deals with Tesco Malaysia and Kedai
Ayamas extend the network of retailers offering mobile top-up services via our terminals.These new deals represent good growth
opportunities in our core Malaysian market where we are pleased to report that trading
continues to be strong. New mobile phone networks
recently launched here also offer opportunities to expand our business. We expect to be able
to announce more detailed progress on our
China venture in the near future, where our proposed China Joint Venture partner has already
obtained an operating license, and I look
forward to updating shareholders on progress here as well as on further progress in Malaysia
in due course."
For further information, please contact:
Yap Chih Ming Shane Dolan David Newton
Chief Director Director
Financial Biddicks Seymour Pierce Limited (Nomad)
Officer London, United London, United Kingdom
e-pay Asia Kingdom Tel: +44 20 7107 8000
Limited Tel: +44 20 davidnewton@seymourpierce.com
Tel: +6017 7448 1000
229 1616 shane.dolan@
+603 biddicks.co.uk
5632 2488
investor@
epay-asia.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTSEDSAASASESI
|