MCOM gets nod to list on LEAP Market

PETALING JAYA: Digital marketing solution provider MCOM Holdings Bhd today said it has received Bursa Securities’ approval to list on the LEAP Market.

The exercise would involve the placement of 18,856,000 shares in MCOM, which represent 10% of the enlarged share capital, at an indicative price of 28 sen per share, MCOM CEO Ho Kim Hun (pix) said in a statement.

“We expect to raise gross proceeds of approximately RM5.28 million via placement to selected sophisticated investors from the listing,” he added.

MCOM plans to utilise approximately RM2.90 million (54.9%) raised from the placement as capital expenditure to set up essential facilities to offer wired and wireless internet services in .

MCOM will also utilise RM0.88 million (16.7%) from the proceeds to increase the automation level in the company’s mobile advertising platform as well as to enhance its mobile advertising solution infrastructure.

“With the upgrade of our mobile advertising platform is currently underway, we should be able to enhance the features of our mobile advertising platform towards a fully automated platform which allows fully automated interface between advertisers and publishers.

“Currently our mobile advertising platform only allows customers to view settlement reports. In order to upload or modify new digital marketing campaigns, these customers need to send emails to our marketing personnel,” Ho added.

Currently, Ho and MCOM vice president Chew Lee Poh are substantial shareholders of the company, with a combined 79.59% stake while the existing public shareholders and pre-IPO investors hold 17.63% stake and 2.78% stake respectively.

After listing, Ho and Chew’s combined stake will be diluted to 71.63% while the existing public shareholders and pre-IPO investors’ stakes will be reduced to 15.87% and 2.50% respectively.

Based on the enlarged share capital of 188.56 million shares, the company is expected to have a market capitalisation of approximately RM52.80 million.

Holdings Bhd is the approved adviser, placement agent and continuing adviser for the placement and LEAP Market listing exercise.

Source: The Sun Daily

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