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EML Payments Limited (ASX:EML) informed the market that its wholly owned subsidiary i.e., EML Payments Europe Limited inked a deal with German shopping mall operator ECE Projekt management G.m.b.H & Co. KG (âECEâ) for a five-year period. The objective of this deal is to manage the new consumer gift card program for 87 of its shopping malls in Germany State. Though, the company already announced this opportunity in February 2018 as a Letter of Intent which was subjected to regulatory & contract approvals, which have been finalized. As per the deal, the new program will be a single load Private Label (PVL) gift card and it will be restricted for use within the ECE shopping malls premises. This will be available from the customer service desks within the malls and replaces their current voucher program.
The management estimates Annualised Gross Debit Volume for this new launch to be around Euro 90 Mn (A$ 142 Mn). Hence, the group expects that the GDV to revenue conversion ratio will materialize in accordance with other Non-Reloadable card programs that the group operates.
With this news, the stock climbed up 14.34 per cent with the intra-trading volume of more than 975,712. The stock traded at $1.635 with the market-cap of circa $355.18 Mn as on July 30, 2018 (AEST: 2:40 P.M.).
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