Technology financing (“TechFin”) solutions provider ICT Zone Asia Berhad (“ICT Zone Asia”; KLSE: ICTZONE (03038)) has received approval from Bursa Malaysia to transfer its listing from the LEAP Market to the ACE Market, according to its exchange filing. The company was initially listed on the LEAP Market in December 2020.
The proposed IPO would offer investors a 23.62% stake in the company at a price to be determined later, according to its prospectus exposure released in October 2024.
ICT Zone Asia is targeted to list on the ACE Market of Bursa Malaysia by the second quarter of this year, with an enlarged share capital of 795.45 million shares.
“We sincerely thank Bursa Malaysia for approving our listing application, and we are excited to embark on this new chapter of growth and opportunity. This milestone reflects our commitment to excellence and the continued trust we aim to build with our stakeholders,” said Tommy Lim Kok Kwang, the Managing Director and Chief Executive Officer of ICT Zone Asia.
ICT Zone Asia Berhad is an ICT solutions provider offering technology financing solutions, ICT hardware and software trading, ICT services, and cloud solutions and services. Its customer base includes strategic partners and channel partners, corporations, government agencies, and retail customers.
ICT Zone Asia also sells refurbished ICT hardware directly via its e-commerce platform, www.komputermurah.my, to retail customers.
The funds to be raised from the public issue are earmarked for the acquisition of ICT hardware and software to grow its technology financing solutions business, as well as to cover sales and marketing expenses.
ICT Zone Asia is majority-owned by ICT Zone Holding Sdn Bhd, whose shareholders include Datuk Seri Ng Thien Phing and Tommy Lim Kok Kwang.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO while SCS Global Advisory acts as the financial adviser.
ICT Zone Asia’s shares closed at RM0.25 on Friday, giving the group a market capitalisation of RM166 million.