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MOL Global Pte. Ltd. ("MOL Global"), an affiliate of leading online payment solutions provider MOL AccessPortal Berhad ("MOL"), and Friendster, Inc. ("Friendster"), the operator of a top global web site based on traffic and a leading social network in Asia, announced today they have entered into a definitive agreement under which MOL Global will acquire 100% of Friendster.

The principal shareholder of MOL is Tan Sri Vincent Tan, the Chairman and CEO of Berjaya Corporation Berhad, a leading, diversified Malaysian conglomerate that has annual revenues in excess of US.8 billion.

Following the acquisition, the operations of MOL and Friendster will be combined to create Asia's largest end-to-end content, distribution and commerce network, pairing MOL's offline retail channel partners and payment platform with Friendster's large online footprint, social network and user community in Asia.

"The merger with Friendster will continue to transform the social networking industry, combining a highly intuitive and successful social media site and online marketing channel with an integrated payment platform and content network which includes games, goods, gifts, music and video. We are creating a unique company that will be well positioned to provide content to a huge, regional user base, here in Southeast Asia," said Ganesh Kumar Bangah, president and chief executive officer of MOL.

MOL uses the leverage of a network of over 500,000 physical and virtual payment channels across 75 countries worldwide to collect payments for content and services. Its core markets are Malaysia, Singapore, Indonesia, Philippines, Thailand and India.

MOL has relationships with over 70 online game publishers that have a suite of over 200 online game titles. It also has partnerships with music, movie and video content owners and distributors across the region.

"Friendster and MOL are both industry pioneers and are close partners. This combination is a natural progression of our relationship and will be an industry-changing event," said Richard Kimber, chief executive officer at Friendster. "The new combined entity gives Friendster the kind of financial backing, retail distribution, and e-commerce infrastructure that will enable us to accelerate our strategy and create a locally relevant, fun experience for our users in Asia, both on and offline." - PNA

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