BNM: Maxis Mobile Services, Tune Money no longer in operation under Money Services Business Act 2011

TheEdge Sat, Jan 02, 2021 05:43pm - 3 years View Original

KUALA LUMPUR (Jan 2): Bank Negara Malaysia's (BNM) updated list of 383 companies no longer in operation under the country’s Money Services Business Act 2011 includes Maxis Bhd's subsidiary Maxis Mobile Services Sdn Bhd and AirAsia Group Bhd-related Tune Money Sdn Bhd.

According to BNM’s list, which was updated on Tuesday (Dec 29, 2020), Maxis Mobile Services’ address is indicated as Aras (Level) 18, Menara Maxis, Kuala Lumpur City Centre, Off Jln Ampang, 50088 Kuala Lumpur.

Meanwhile, Tune Money’s address is specified as Suite 5.01, 3rd Floor, Plaza Hamodal, Lot 15, Jln 13/2, Section 13, 46200 Petaling Jaya, Selangor. 

BNM said Maxis Mobile Services and Tune Money are former licensees under the Money Services Business Act 2011.

According to mobile telecommunication network provider Maxis’ latest annual report, Maxis Mobile Services is one of the group’s six subsidiaries, which include Maxis Broadband Sdn Bhd and Advanced Wireless Technologies Sdn Bhd.

AirAsia Bhd’s Bursa Malaysia filing on Oct 6, 2015 indicates that AirAsia had on that day entered into a share sale agreement with Tune Money International Sdn Bhd to acquire 81 million ordinary shares representing 60% equity interest in the issued and paid-up ordinary share capital of Tune Money and 22 redeemable preference shares representing 100% of the issued and paid-up redeemable share capital of Tune Money.

Today, AirAsia is a 100%-owned subsidiary of Bursa-listed budget airline AirAsia Group, according to the group’s latest corporate structure, which was updated on Nov 30, 2020.

More to come

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