ISOTeam's SG Bike buys Mobike's assets in Singapore for S$2.5m

ISOTeam on Friday said its unit is buying Mobike's bike-sharing licence and 25,000 bicycles in Singapore for S$2.54 million.

The unit, SG Bike, will also assume Mobike's liabilities to repay user deposits and prepayments to the tune of S$2.02 million. 

Mobike, once the largest player in the Singapore bike-sharing scene, was reported in March to be withdrawing from the Singapore market, following the failures of fellow operators oBike and ofo.

The firm had not committed to a date to leave the Singapore market, according to a Straits Times report. 

According to ISOTeam's exchange filing, SG Bike will pay Mobike the purchase consideration in cash. As for the assumed liabilities, SG Bike will pay "at its discretion". 

ISOTeam said the proposed acquisition will "enable SG Bike to expand its business and promote an active and environmental-friendly lifestyle by increasing its fleet of bikes".

"The proposed acquisition will also enable the company to enhance a strong foothold as the market leader in the bike sharing industry in Singapore," it said.