Ann: IOUpay Acquires 42% of I-Destinasi Malaysian Finance Company, page-158

This seems like an unusual deal to be making at this time:

1) Having read the announcement, surely pretty much everything they've listed as rationale and opportunities for collaboration could have been achieved with a partnership agreement? That announcement in no way makes clear what is so amazing about this company that we would give up over 90% of our current cash reserves, which were a major positive for this company. What are we getting for $40m+ that we couldn't have got with a partnership? Maybe the owners insisted on us buying a stake to cut a deal, but they could have maybe stated how much revenue accretive this will be, though at least the other company is profitable.

2) Why did we drop $40m+ to start making deals with longer-term finance companies? I get that's a natural compliment, but aren't we in TTV hyper-growth stage in Malaysia, with two other territories on the cards? This just seems like a massive sideways step into a non-priority area.

3) This announcement just signalled cap raise to the market at some point before end March next year. Market cap will want to be a lot higher otherwise dilution will be material.

I get the opportunities for collaboration etc, but why did we have to pay $40m+ for the pleasure? Looks like market has actually read the announcement too and maybe asking a few questions also. Seems to have totally sapped momentum which is infuriating.