MCOM climbs 10.71% on LEAP debut

This article first appeared in The Edge Financial Daily, on July 4, 2019.

(From left) MCOM financial controller Stella Wong, executive director Chew Lee Poh, Ho, chairman Neil Foo Seck Chyn and group general manager David Ng Wui Ming at the company’s debut on Bursa’s LEAP Market in Kuala Lumpur yesterday.

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KUALA LUMPUR: MCOM Holdings Bhd, planning to enhance its Internet offerings in Cambodia, climbed three sen or 10.71% higher on market close of its maiden trading day on Bursa Malaysia’s LEAP Market.

The stock settled at 31 sen yesterday, versus its share issue price of 28 sen apiece, after about 35,500 shares were traded.

In a statement, MCOM, awarded a 30-year Internet Service Provider (ISP) and frequency licence by the Telecommunication Regulator of Cambodia, also wants to localise its digital marketing solutions there.

In June 2018, the company set up a data centre and a network operating centre in Phnom Penh, according to the group’s chief executive officer and executive director Ho Kim Hun, to monitor and manage Internet services and infrastructure as well as customer support and technical services.

“We started offering Internet services in Cambodia in 2018, which will complement our existing digital marketing solutions. We believe this plan not only increases our revenue stream, but also contributes to the Internet infrastructure growth in Cambodia,” he said.

Cambodia’s Internet penetration rate was 34% in 2017, and the government there is aiming for 70% by 2020, the company said.