LONDON-- Shares in U.K. mobile payments technology group
Monitise PLC (MONI.LN) slumped nearly 30% after the U.S. payments
giant Visa Inc. (V) said it is considering its options over its
5.5% stake in the company.
"Given the maturation of Monitise as a company, Visa is
considering its options with respect to the investment and has
engaged J.P. Morgan Securities Plc to assist," Visa said.
"Visa will also be lessening its dependence on external mobile
development resources," it added.
Monitise Chief Executive stressed that the two companies still
have an ongoing relationship.
"We are honoured to have our ongoing alliance with Visa as we
continue to develop and expand our global network," he said.
Visa's investment in Monitise and collaboration with the company
helped Monitise's share price grow strongly after its stock market
flotation, but the company was hit hard by two profit warnings
earlier this year.
Visa Europe, a separate company from Visa Inc, owns 6% of
Monitise according to the Monitise website.
Monitise shares at 0903 GMT, down 11 pence, or 26.5%, at 31
pence valuing the company at GBP837.2 million ($1.36 billion).
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
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