Shareholder Approved ICT Zone Transfer To ACE Market

by | Jun 21, 2024 | News

KUALA LUMPUR, 21 June – Shareholders of technology financing solutions provider ICT Zone Asia Berhad have voted in favour of withdrawing the group’s listing from the LEAP Market and subsequently listing on the ACE Market of Bursa Malaysia Securities Bhd. This also includes the holders of irredeemable convertible preference shares (ICPS).


The group, which expects to complete the transfer by the first quarter of 2025, said the resolutions pertaining to the transfer were approved at an extraordinary general meeting (EGM) today.


The proposed withdrawal does not have any effect on the Group’s earnings and earnings per share (EPS), as the proposed exercise does not involve any issuance of new shares.


“This corporate exercise will further enhance our credibility, prestige and reputation, and accord us with greater recognition among investors, particularly institutional investors, while reflecting the current scale of operations of our group,” said Tommy Lim, Chief Executive Officer and Managing Director of ICT Zone Asia Bhd.


In a bourse filing today, the shareholders of the Group passed resolutions on the appointment of three independent non-executive directors, namely Karen Yap Pik Li, Sim Shu Mei, and Chong Pei Nee, during the annual general meeting (AGM) today.


“Having three distinguished female professionals join our board underscores our commitment to diversity and inclusion. Karen, Sim, and Chong bring unique insights from their respective fields, which will drive innovation and foster a more dynamic corporate environment. Their leadership and guidance will be instrumental in steering ICT Zone Asia towards achieving our long-term goals.” Lim said.


The Group’s total unbilled order book has increased to RM251.2 million as of 31st January 2024, registering a 63.8 percent compounded annual growth rate (CAGR) over a three-year period.


For the financial year ended 31st January 2024 (FY24), the Group booked a net profit of RM7.3 million and revenue of RM114.4 million.


As of Friday, the Group has a market capitalisation of RM126 million based on the closing price of 21.5 sen per share. ICT Zone Asia Bhd has been a Shariah-compliant counter since 2021.

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