Initial public offer of mPay S.A.
Current report 56/2007 dated 05.10.2007
mPay S.A. plans to perform its initial public offer (IPO) at the Warsaw Stock Exchange. An agreement on that matter was signed yesterday by mPay S.A. and the IDM S.A. brokerage house.
mPay S.A. belongs to the Issuer’s capital group. Almost 100% of the mPay S.A. stock is owned by mPay International Sp. z o.o., in which the Issuer has 60% of participating interest.
The purpose of the IPO is to obtain circulating capital enabling mPay S.A. to quickly develop the mPay mobile payment system in Poland. Under the planned IPO, a part of the mPay shares will be sold by mPay International which is going to use the obtained means for launching the mobile payment system in other countries.
The necessity to obtain capital by mPay and mPay International is connected with the successful deployment of the mobile payment service in Poland and a large interest in this payment method abroad. The general availability of the mPay system through development of the network of outlets accepting mPay payments and quick growth of the number of users will be financed from means obtained by mPay and mPay International, without charging the ATM circulating capital.
Roman Szwed — President of the Management Board,
Tadeusz Czichon — Vice-President of the Management Board