KUALA LUMPUR (Feb 16): ICT Zone Asia Bhd is mulling over a proposal to transfer from the LEAP Market to the ACE Market on Bursa Malaysia, following a letter of request from its 72.85%-shareholder ICT Zone Holding Bhd.

“Pursuant to the proposal letter, ICT Zone Holding proposed to undertake a cash exit offer together with Datuk Seri Ng Thien Phing, which will be extended through a pre-conditional voluntary general offer for all the remaining ordinary shares and irredeemable convertible preference shares in ICT Zone Asia,” it stated in a bourse filing on Friday.

It added that the board, excluding chairman Thien Phing, MD and CEO Lim Kok Kwang, and COO Vincent Ng Soon Kiat who are the interested directors of ICT Zone Asia, will deliberate on the matter.

ICT Zone is a home-grown information and communications technology (ICT) solutions provider co-founded by Lim and Thien Phing.

Thien Ping is better known as the founder and executive chairman of Main Market-listed property group SkyWorld Development Bhd.

ICT Zone debuted on the LEAP Market on Dec 15, 2020 with the listing of 533.8 million shares at a reference price of 16 sen, and 75.32 million irredeemable convertible preference shares (ICPS) at 20 sen apiece.

For the financial year ended Jan 31, 2023, ICT Zone Asia reported a profit of RM6.53 million, increasing by 49.5% from the previous year’s RM4.37 million.

The counter was last traded at 22 sen on Oct 19, 2023, giving the group a market capitalisation of RM129.16 million based on an enlarged share capital of 587.1 million shares. The ICPS last traded at 20 sen apiece on Oct 3.