Tension builds as MC Payment's EGM approaches

MC Payment’s share price rose some 17 cents on June 18, 2021 to 50 cents, in reaction to an announcement that the company had received a letter of intent from OY!, to take a strategic stake in MC Payment. OY! is an Indonesian remittance and payment company, and its investors include Softbank and Temasek Holdings.

At its current price, MC Payment is approaching its theoretical consolidated price of $0.525 at the point when the reverse takeover (RTO) completed on Feb 18 this year. On Feb 19, founder and CEO Anthony Koh had 6.11% in MC Payment, and Ching Chiat Kwong owned 28.09%. Ching is better known as the executive chairman and major shareholder of Oxley Holdings.

On Mar 10, 2021 MC Payment announced it had raised $4 million through a placement at 40 cents per share. The placement shares accounted for 3.7% of the enlarged share capital. Investors included Toh Soon Huat, Lim Tiong Kheng, other high net-worth clients of OCBC Securities and Levin Lee of Ace Peak Capital.

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