KUALA LUMPUR: ICT Zone Asia Bhd
’s minority shareholders have been advised by an independent adviser to reject the unconditional voluntary take-over offer (exit offer) from ICT Zone Holding Sdn Bhd and Datuk Seri Ng Thien Phing (the joint offerors).
In a statement today, ICT Zone Asia said that the offer includes acquiring all the remaining 234.73 million shares, representing approximately 35.43 per cent of the total issued shares in ICT Zone Asia at a cash offer price of 20 sen per share.
"MainStreet Advisers Sdn Bhd, the independent adviser, has deemed the exit offer as unfair and unreasonable,” said ICT Zone Asia.
MainStreet’s evaluation found that the exit offer represents an 8.88 per cent discount to ICT Zone Asia’s estimated value based on the discounted cash flow valuation.
"Furthermore, the exit offer price is 28.57 per cent lower than the last traded price of 28 sen on Feb 28, 2025, translating to a discount of eight sen per share.
"While MainStreet acknowledges that the exit offer matches ICT Zone Asia’s illustrative initial public offering (IPO) price of 20 sen per share, it also highlighted that the final IPO price will not exceed the exit offer price,” ICT Zone Asia said.
The independent adviser also noted that the joint offerors intend to maintain ICT Zone Asia’s listing status on the LEAP Market until the completion of the transfer of listing to the ACE Market of Bursa Malaysia Securities Bhd (transfer listing) after the exit offer.
The exit offer remains open for acceptance until 5 pm on Wednesday, April 2, 2025 (closing date).
The offer is intended to facilitate the implementation of the transfer listing pursuant to Rule 8.06(1) of the LEAP market listing requirements and paragraph 2.1 of Guidance Note 15A of the ACE Market Listing Requirements, said ICT Zone Asia. - Bernama
