MCOM up on market debut amid plans for Cambodia
MCOM Holdings Bhd, which made its debut on the Leading Entrepreneur Accelerator Platform (Leap) Market of Bursa Malaysia on Wednesday, jumped three sen (0.72 US cents), or 10.71 per cent, to 31 sen at the start of trading.
At 11:30am, the share price remained at 31 sen with 30,500 shares traded.
In a statement issued on Wednesday, the company said it has plans to enhance and localise its digital marketing solutions in Cambodia while upgrading its mobile platform.
According to MCOM CEO and executive director Ho Kim Hun, the company set up the data and network operating centre in Phnom Penh in June last year.
“We started offering internet services in Cambodia in 2018 which will complement our existing digital marketing solutions. We believe this plan will not only increase our revenue stream, but also contribute to the growth of the Internet infrastructure in Cambodia,” he added.
Meanwhile, the company is upgrading its mobile advertising platform so that it features a fully automated interface between advertisers and publishers.
MCOM was awarded a 30-year ISP licence and frequency licence by the Cambodian telecommunications regulator in 2016.
It also leveraged on a local fibre optic cable provider’s infrastructure to roll out wired and wireless internet services.
“These internet services are complementary to its digital marketing solutions. With these internet service infrastructures, MCOM will be able to localise its digital marketing solutions to meet consumer needs in Cambodia through the analysis of internet and mobile usage patterns in the country,” it said in the statement.
Under the listing exercise, MCOM raised 5.28 million ringgit ($1.275 million) from the placement of 18.86 million shares at 28 sen per share.
About 54.9 per cent or 2.9 million ringgit of the proceeds will go towards setting essential facilities to offer wired and wireless Internet services in Cambodia while 880,000 ringgit will go towards enhancing the automation of its mobile advertising platform and infrastructure.