KUALA LUMPUR: ICT Zone Asia Bhd
has received approval from Bursa Malaysia to move its listing from the LEAP Market to the ACE Market.
The company was initially listed on the LEAP Market in December 2020.
In a statement, the technology financing solutions provider said the proposed initial public offering (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 be listed 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," managing director and chief executive officer Tommy Lim Kok Kwang said.
The funds raised from the public issue will be used to acquire ICT hardware and software to expand its technology financing solutions business, as well as to cover sales and marketing costs.
ICT Zone Asia is majority-owned by ICT Zone Holding Sdn Bhd, whose shareholders include Datuk Seri Ng Thien Phing and Lim.
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.
