MNF Group Limited is set to undergo a rebrand, pushing its Symbio brand front and centre with the new name Symbio Holdings Limited, after a shareholders vote gave it the thumbs up during its 2021 Annual General Meeting.
The company said the new name, including a change of its ASX code to SYM, will be rolled out once it clears regulatory approvals that should be finalised by the end of the month
The name change comes after the company sold its direct business that included the MyNetFone brand, from which it gets the name MNF, after a strategic review that saw it simplify operations.
The company said it is taking on the Symbio names because it is an established global brand within the company that is “increasingly recognised as a leader in software enabled communications.”
Commenting on the name change, chief executive 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.”
In line with bringing the Symbio brand to the forefront, the company also outlined a renewed focus on recurring revenue by growing its software-enabled communications presence in APAC.
It aims to have 100 million numbers on its network, a presence in eight Asia-Pacific countries and a 15 percent share of phone numbers in each of those countries by 2030.
The company launched an office in Singapore earlier this year, and said it is eyeing entry to Malaysia by the end of 2022.
“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,” Sugo added.
The company is forecasting EBITDA in the range of $35 million to $38 million for FY22, with recurring margin expected to grow by 16 percent on FY21.