In a statement today, CEO and executive director Ho Kim Hun said the proposed listing involves a placement of 18.86 million MCOM shares representing 10% of the enlarged share capital to selected sophisticated investors.
"The LEAP listing will facilitate MCOM with greater financial flexibility to pursue future growth opportunities and enhance our Group’s reputation, as well as to increase market awareness for our services and expand our customer base,” he added.
Proceeds of the proposed listing will be used primarily to increase the automation level in the company’s mobile advertising platform, to enhance its mobile advertising solution infrastructure, for capital expenditure to offer wired and wireless internet services in Cambodia and to defray estimated listing expenses.
According to the statement, the group specialises in mobile advertising platforms and mobile payment solutions.
Its digital marketing solution business operates out of Malaysia and Thailand while a subsidiary in Cambodia has an ISP licence to establish and provide Internet services in the country.
MCOM has been leveraging on the main fibre optic network infrastructure of a Cambodian service provider to roll out wired Internet services in Phnom Penh city.
"The company has commenced the provision of wired internet services in June 2018 and aims to commence the provision of wireless internet services by the end of the 1st quarter of 2019," it said.
Ho and MCOM vice-president Chew Lee Poh are substantial shareholders in MCOM with 79.59% stake while existing public shareholders and pre-LEAP listing investors hold 17.63% 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-LEAP listing investors stakes will be reduced to 15.87% and 2.5% respectively.
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