KUALA LUMPUR (Feb 19): ICT Zone Asia Bhd wants to transfer from the LEAP Market to the ACE Market on Bursa Malaysia by the first quarter of 2025.
According to a bourse filing on Monday, its 72.85%-shareholder ICT Zone Holding Bhd proposed to undertake a cash exit offer together with Datuk Seri Ng Thien Phing that will be extended through a pre-conditional voluntary general offer for all the remaining shares and irredeemable convertible preference shares (ICPS) in ICT Zone Asia that they don't own, to facilitate the transfer.
“In order to ensure that there is a clear price discovery mechanism for the ICT Zone Asia shares which will be transferred to the ACE Market, ICT Zone Asia shall undertake an allotment and issuance of ICT Zone Asia Shares to the general public,” it said.
The offering structure for the proposed public offering will only be determined and announced at a later date, it added.
The public offering is expected to comprise an issuance of new shares and an offer for sale of existing shares held by ICT Zone Holding and/or Thien Phing.
ICT Zone Asia, which debuted on the LEAP Market in 2020, is a home-grown information and communications technology (ICT) solutions provider co-founded by Lim Kok Kwang and Thien Phing.
Thien Ping is better known as the founder and executive chairman of Main Market-listed property group SkyWorld Development Bhd.
As of last Friday (Feb 16), the company had an issued share capital of RM38.27 million, comprising 587.1 million shares and 75.3 million ICPS.
For its financial year ended Jan 31, 2023, ICT Zone Asia reported a profit of RM6.53 million, up 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. Its ICPS were last traded at 20 sen apiece on Oct 3.