Shareholders of MNF Group Limited (ASX: MNF) yesterday approved the resolution to change the Company’s name to Symbio Holdings Limited (“Symbio”) at its 2021 Annual General Meeting. The name change will come into effect following additional regulatory approvals and is expected to be finalised by the end of November. The ASX code will change to SYM.
The change of name reflects the simplification of the Company’s operations following a strategic review which resulted in the sale of parts of its ‘Direct’ business, including the MyNetFone (MNF) business. Symbio is an established global brand within the Company and is increasingly recognised as a leader in software enabled communications.
The change of Company name to Symbio will avoid confusion from the market and customers, given the Company no longer operates the MyNetFone business, present a consistent brand as it expands into the APAC region and reflect the Company’s strategy to be a world class software company.
Commenting on the name change CEO Mr Rene Sugo said: “We are excited to be moving forward under the Symbio brand with a streamlined business model and an ambitious geographical expansion plan. The change of name allows us to further position Symbio as a unified, world-class leader in software communications as we enter new markets across the APAC region.”
Symbio Holdings Limited is focused on growing recurring revenue and expanding its core operations of software-enabled communications in the APAC region. In August 2021, the Company announced its 2030 vision to have 100 million numbers on its network, a presence in eight Asia-Pacific countries and have at least 15% share of phone numbers in each of those countries.
Also at its AGM, the Company announced it is actively working to enter the Malaysian market before the end of 2022 and provided an update on its sales pipeline in Singapore since launching operations there earlier this year. The company is forecasting EBITDA in the range of $35million to $38million for FY22, with recurring margin expected to grow by 16% on FY21.
Rene Sugo concluded: “Our clear path for global expansion, significant momentum in our Singapore operations, and our unified Symbio brand, positively position us to execute our strategy and growth objectives for 2022 and beyond.”
MNF will update the market once the name change has been processed by various regulatory authorities including The Australian Securities and Investments Commission (ASIC) and the Australia Stock Exchange (ASX).