AIS’s mPAY snaps up 33% of Rabbit-LINE Pay via share subscription
Advanced mPAY, a subsidiary of Advanced Info Service (AIS), on Monday entered into a joint-venture agreement with Rabbit-LINE Pay through a subscription for the latter’s newly issued ordinary shares.
The transaction is for a 33.33-per cent shareholding in Rabbit-LINE Pay at a price of Bt393.75 per share, equivalent to a total investment of Bt787 million.
AIS submitted a filing to the Stock Exchange of Thailand on the matter on Monday.
Both mPay and Rabbit-LINE Pay are in the e-payment service business.
Following the transaction, mPAY owns 33.33 per cent in Rabbit-LINE Pay, while Line Pay Corp and Line Company (Thailand) jointly hold a similar stake, as does Rabbit Pay System.
AIS’s goal is for Rabbit LINE Pay to be the No-1 mobile payment service provider in Thailand within three years.
As the first project, the synergy between Rabbit LINE Pay and AIS will be integrated on the myAIS mobile application to enable Rabbit-LINE Pay to be an exclusive mobile payment provider of the app and migrate existing mPay users to be Rabbit LINE Pay users.
AIS has around 40 million mobile-phone subscribers.
