KUALA LUMPUR (Feb 28): Digital marketing solution provider, MCOM Holdings Bhd (MCOM), has received Bursa Malaysia Securities Bhd’s approval to be listed on the LEAP Market of Bursa Securities.

The fundraising and proposed listing involve a placement of 18.85 million shares or 10 per cent of the enlarged share capital at an indicative price of RM0.28 per share.

“We expect to raise approximately RM5.28 million in proceeds via placements to selected sophisticated investors from the listing,” said executive director and chief executive officer Ho Kim Hun in a statement today.

He said MCOM planned to utilise approximately RM2.90 million or 54.9 per cent raised from the placement as capital expenditure to set up essential facilities to offer wired and wireless Internet services in Cambodia.  

The company will also utilise RM0.88 million from the proceeds to increase the automation level in the company’s mobile advertising platform and to enhance its mobile advertising solution infrastructure.

“With the upgrade of our mobile advertising platform currently underway, we should be able to enhance our mobile advertising platform to become a fully automated platform with a fully automated interface between advertisers and publishers,” said Ho. 

Currently, MCOM’s 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,” he said.

Based on the enlarged share capital of 188.55 million shares, the company is expected to have a market capitalisation of approximately RM52.80 million.