Payment specialists MobilityOne (LON:MBO) has seen its share price increase over 300% on Wednesday after the company won a contract with MoneyGram Payment Systems.
MobilityOne, a solutions provider for electronic transactions and payments in Malaysia, will have its 50%-owned remittance business OneTransfer Remittance act as one of MoneyGram’s correspondence remittance companies in Malaysia. The contract will be for an initial term of five years.
OneTransfer’s customers will be able to send and revolve money via MoneyGram’s platform, with OneTransfer entitled to a share of the fees, along with a share of MoneyGram’s foreign exchange profits.
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MobilityOne’s shares have exploded higher after the news…
They opened the day at 4.64p and rose as high as +344% at 18p per share after an enormous move to all-time highs. The price has since retraced and is currently trading at 276.67% higher at 16.96p per share.
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.
