Paytm Sells 49 Per Cent in UAE Arm to Alabbar SPV

Abbar Global Opportunities Holdings Limited is a special purpose vehicle owned by Mohamed Ali Rashed Alabbar, founder of Emaar Properties, the developer behind landmark projects such as the Burj Khalifa and Dubai Mall. The board of Paytm Arab Payments approved the issuance and allotment of 76,862 equity shares of face value AED 100 each, representing 49 per cent of the post-issue paid-up share capital, to the Abu Dhabi-based entity.

Paytm Arab Payments LLC was incorporated to expand and distribute Paytm’s technology-led merchant payments and financial services offerings in the UAE and was earlier a wholly owned subsidiary of Paytm Cloud Technologies Limited. Following completion of the transaction, Paytm Arab Payments will cease to be a wholly owned subsidiary and will become a 51 per cent-owned subsidiary of Paytm Cloud Technologies, while continuing as a step-down subsidiary of One97 Communications.

Separately, the board of Paytm Cloud Technologies, at its meeting held on December 22, approved the incorporation of two wholly owned subsidiaries in Indonesia and Luxembourg, with an initial investment of Rs 250 million.

The developments are aligned with Paytm’s stated strategy of exploring select international markets for future growth and exporting its advanced merchant payments and financial services technology to global markets.