MNC is a digital technology group that provides high-volume A2P messaging services while expanding into enterprise IT solutions and high-value mobile applications to capitalize on regional digitalisation trends.
The Group leverages its core A2P messaging segment to drive steady earnings while strategically expanding into high-value mobile applications and proprietary digital platforms to capture long-term growth from accelerating digitalization.
The Group is undertaking a renounceable rights issue of 750.6m new shares at RM0.04 each, together with up to 250.2m free detachable warrants on the basis of three rights shares and one warrant for every existing share. (ex-date 14 Apr 2026)
The bulk of the proceeds will be allocated toward the development of the Group’s upcoming e-SIJIL platform, followed by its new Mobile Advertisement Platform (MAP).
Key Investment Highlights
Transition Toward High-Value Digital Platform. M N C Wireless Berhad, incorporated in Malaysia on 19 December 2003 and listed on the ACE Market of Bursa Malaysia, is a Petaling Jaya-based digital technology group operating through several wholly owned subsidiaries. The Group has evolved from a mobile content and bulk SMS provider into a broader digital solutions company, with its early messaging business forming the foundation of its current A2P segment while expanding into web-based solutions, digital platforms, and enterprise IT services. Over the years, it has undertaken various corporate exercises to fund platform upgrades and business expansion, strengthening its core infrastructure and enabling investments in new digital initiatives. Today, MNC maintains an established presence in messaging services while progressively transitioning toward higher-value digital platforms to capitalise on Malaysia’s ongoing digitalisation trend.
Scalability and Growth Drivers. MNC operates across two primary segments, namely Wireless and Multimedia and Mobile Applications. The Wireless and Multimedia segment remains the Group’s core earnings driver, anchored by its A2P mobile messaging services that enable enterprises and government agencies to deliver high-volume, time-sensitive communications, supported by value-added features such as secure routing, fraud detection, and analytics, while benefiting from established client relationships and regulatory compliance with the Malaysian Communications and Multimedia Commission. Meanwhile, the Mobile Applications segment represents the Group’s strategic shift toward higher-value digital solutions, encompassing web and mobile application development, system integration, as well as upcoming initiatives such as e-SIJIL and in-vehicle digital advertising. These initiatives are expected to enhance scalability, improve margins, and drive long-term growth as digitalisation trends accelerate.
Corporate Exercise. MNC is undertaking a renounceable rights issue of 750.6m new shares at RM0.04 each, accompanied by up to 250.2m free detachable warrants on a three-for-one basis. With an ex-date of 14 April 2026, the exercise is expected to raise approximately RM30m under full subscription. The proceeds will primarily fund the development of the e-SIJIL platform, an electronic document management system for streamlined digital verification, and the Mobile Advertisement Platform (MAP), which connects e-hailing operators and advertisers for personalized in-commute experiences. The remaining balance will be allocated toward working capital and corporate exercise expenses.
Company Background
M N C Wireless Berhad was incorporated in Malaysia on 19 December 2003 and is listed on the ACE Market of Bursa Malaysia under the stock code 0103. The Group is headquartered in Petaling Jaya, Selangor, and operates through several wholly owned subsidiaries, including Moblife.tv Sdn. Bhd., Setara Tech Sdn. Bhd., Joors Asia Sdn. Bhd., and Wowloud Sdn. Bhd.
Since its inception, the Group has evolved from a mobile content and messaging service provider into a broader digital solutions company. Its early focus was on premium mobile content and bulk SMS services, which laid the foundation for its current Application-to-Person messaging business. Over time, the Group expanded its capabilities to include web-based solutions, digital platforms, and enterprise IT services, in line with the increasing demand for digitalisation.
The Group has undertaken various corporate exercises over the years, including rights issues and the issuance of irredeemable convertible preference shares, to fund platform upgrades, business expansion, and new digital initiatives. These efforts have supported the development of its core infrastructure, including enhancements to its messaging platform and investments in complementary digital businesses.
Today, MNC operates as a digital technology group with an established presence in messaging services while actively transitioning toward higher-value digital platforms and solutions, positioning itself to capitalise on Malaysia’s ongoing digital transformation.
Business Overview
Business Model. The Group’s core business activities span across: (i) Mobile Applications and (ii) Wireless and Multimedia Related Services.
Wireless and Multimedia (97.3% of FY25 Revenue)
Key Revenue Contributor. The Wireless and Multimedia segment forms the Group’s core earnings base, anchored by its Application-to-Person (A2P) mobile messaging services, accounting for RM13.8m or 97.3% of total revenue in FY25. This segment enables enterprises and government agencies to deliver high-volume, time-sensitive SMS communications for purposes such as notifications, authentication, and customer engagement.
The Group’s messaging platform is supported by value-added capabilities including secure routing, fraud detection, and delivery analytics, which enhance reliability and compliance. This segment benefits from long-standing enterprise and public sector relationships, as well as adherence to regulatory standards set by the Malaysian Communications and Multimedia Commission (MCMC).
In addition to messaging, this segment historically includes mobile content and multimedia services, although these have become less significant as the Group pivots toward enterprise-focused solutions. Overall, the segment provides a stable and recurring revenue base for the Group.
Mobile Applications (2.7% of FY25 Revenue)
Strategic Pivot. The Mobile Applications segment contributed RM0.4m, or 2.7% of total revenue in FY25. This segment reflects the Group’s strategic shift toward higher-value digital solutions and platform-based offerings. This segment encompasses web design and development, customised mobile and web applications, and backend system integration services tailored to enterprise clients.
Key growth initiatives under this segment include the development of proprietary platforms such as the e-SIJIL digital certification system and a mobile advertising platform leveraging in-vehicle digital displays. These platforms are designed to enhance scalability, improve margins, and reduce reliance on traditional SMS-based revenue streams over time.
While still in the growth phase, the Mobile Applications segment is expected to play an increasingly important role in driving the Group’s long-term earnings expansion, supported by rising demand for digitalisation across both private and public sectors.
Proposed Private Placement. The Group is undertaking a renounceable rights issue of 750.6m new rights shares at an issue price of RM0.04 per rights share, together with up to 250.2m free detachable warrants in MNC, on the basis of 3 rights shares together with 1 free warrant for every 1 existing share held by entitled shareholders.
Proceeds from Placement. Assuming full execution of the exercise, we estimate total proceeds of approximately RM30m. The bulk of the funds will be allocated toward the development of the Group’s upcoming e-SIJIL platform, followed by its new Mobile Advertisement Platform (MAP). The remaining proceeds will be utilised for working capital requirements and to defray expenses related to the proposals.
New Ventures. The Group’s first venture, the e-SIJIL platform, is an electronic document management system designed to streamline the issuance, verification and administration of digital documents. It provides an end-to-end solution encompassing document creation, archiving, review, sharing and authentication. Compared with traditional certificates, the platform offers enhanced traceability by enabling users to track the origin and lifecycle of each document, thereby reducing the risk of counterfeiting. This ensures that certificates are authentic and issued by recognised authorities, enhancing trust among the public and industry stakeholders.
The Group’s second venture, the Mobile Advertisement Platform (MAP), is designed to connect e-hailing operators, advertisers and passengers, enabling a seamless and personalised advertising experience during commutes. The platform leverages user data such as age, gender, pick-up and drop-off locations to deliver targeted content, thereby enhancing relevance and engagement. In addition, by incorporating insights on average ride durations, MAP can optimise advertisement length to align with journey times, ensuring a more cohesive and non-intrusive viewing experience.
Our Take. We view these proposals positively, as they provide the Group with additional avenues to expand and enhance its revenue base. Proceeds from the full exercise of the private placement are expected to strengthen MNC’s capital base and overall financial position, positioning the Group to undertake higher-value initiatives such as the e-SIJIL platform and MAP. This, in turn, should support its long-term growth trajectory and enable the Group to capitalise on emerging opportunities from these ventures.
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