ICT Zone Asia gets greenlight for ACE Market transfer
24 Jan 2025, 05:45 pm
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KUALA LUMPUR (Jan 24): ICT Zone Asia Bhd (KL:ICTZONE), a technology financing solutions provider, has received approval from Bursa Malaysia to transfer its listing from the LEAP Market to the ACE Market.

The company, which specialises in technology financing solutions, information and communications technology (ICT) hardware and software trading, as well as cloud services, plans to complete the migration to the ACE Market by the second quarter of this year.   

The move will be accompanied by an enlarged share capital to 795.45 million shares.   

As part of its initial public offering (IPO), ICT Zone Asia intends to offer investors a 23.62% stake in the company, with the pricing details to be finalised closer to the offering, according to its prospectus exposure released in October 2024. 

The proceeds raised through the public issue will be allocated primarily for the acquisition of ICT hardware and software to bolster the company’s core business.   

Additionally, a portion of the funds will be used to support sales and marketing activities, further expanding ICT Zone Asia’s reach and capabilities within the technology sector. 

“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 ICT Zone Asia managing director and chief executive officer Tommy Lim Kok Kwang.

Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for ICT Zone Asia’s IPO while SCS Global Advisory acts as its financial adviser.

ICT Zone shares were last traded at 25 sen, valuing the company at RM147 million. 
 

Edited ByLiew Jia Teng
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