KUALA LUMPUR (April 24): ICT Zone Asia Bhd (KL:ICTZONE) on Thursday inked an agreement with Malacca Securities Sdn Bhd and Kenanga Investment Bank Bhd to underwrite its transfer listing from the LEAP Market to the ACE Market of Bursa Malaysia.

Under the agreement, Malacca Securities and Kenanga IB will jointly underwrite 43.91 million new shares allocated to the Malaysian public and eligible individuals through pink form applications, the technology financing solutions provider announced in a statement.

The company is also proceeding with its plan to list on the ACE Market in the second quarter of 2025, despite prevailing market volatility wrought by the US' tariff uncertainties that have postponed the listing plans of at least two other companies.

“The group’s decision to move forward with the initial public offering (IPO) under current market conditions highlights the strong execution capabilities of our teams at ICT Zone and reflects our confidence in the strength and resilience of our recurring-revenue model, particularly our technology financing solutions business,” said Tommy Lim Kok Kwang, ICT Zone’s managing director and chief executive officer.

Cuckoo International (MAL) Bhd and SPB Development Bhd, which were both slated to list on the Main Market of Bursa Malaysia this month, have postponed their plans, citing the ongoing market volatility and concerns about the impact of US tariff policies on investor sentiment. Cuckoo pushed its planned listing date from April 30 to June 24, while SPB, initially eyeing April 21, has yet to announce a new date.

ICT Zone, which made its debut on the LEAP Market in 2020, was co-founded by Lim and Datuk Seri Ng Thien Phing. Ng is also the founder and executive chairman of Main Market-listed property group SkyWorld Development Bhd (KL:SKYWLD).

“As demand for technology financing solutions grows, the proceeds from this IPO will enable us to secure more contracts and expand our order book. We are on track to achieve our internal target of an unbilled order book of RM500 million within three years post-listing,” Lim said.

ICT Zone's IPO involves the issuance of up to 133 million new ordinary shares, representing 16.72% of the company’s enlarged issued share capital of 795.45 million shares. Of these, 39.77 million shares are earmarked for the Malaysian public, 4.14 million for employees and contributors of the company, and 89.09 million for Bumiputera investors through private placement.

Additionally, 21 million existing shares will be offered for sale via private placement to selected investors as well as Bumiputera investors.

Malacca Securities is the principal adviser, sponsor, joint underwriter and joint placement agent for the IPO, while Kenanga IB is the joint underwriter and placement agent. SCS Global Advisory (M) Sdn Bhd is the financial adviser for the transfer listing.