KUALA LUMPUR, Feb 18 – Technology financing (“TechFin”) solutions provider ICT Zone Asia Berhad (“ICT Zone Asia”; KLSE: ICTZONE (03038)) announced that it had on 17 February 2025 received a notice of unconditional voluntary take-over offer from Datuk Seri Ng Thien Phing and ICT Zone Holding Sdn Bhd to acquire all the remaining shares in ICT Zone Asia not held by the Datuk Seri Ng Thien Phing and ICT Zone Holding Sdn Bhd. The exit cash offer is RM0.20 per share.
ICT Zone Asia Berhad, the technology financing (“TechFin”) solutions provider, is majority-64.6% owned by ICT Zone Holding Sdn Bhd and Datuk Seri Ng Thien Phing owned 61.5% of equity interest in ICT Zone Holding Sdn Bhd.
ICT Zone Asia Berhad has officially received approval from Bursa Malaysia to transfer its listing from the LEAP Market to the ACE Market on Jan 24, 2025. The company was initially listed on the LEAP Market in December 2020. The ICT Zone Asia Shares and Irredeemable Convertible Preference Shares (“ICPS”) were issued at RM0.16 per share and RM0.20 per share at the LEAP Initial Public Offering (“IPO”).
Irredeemable Convertible Preference Shares (“ICPS”) matured in Jan 2025 and each ICPS was converted to ordinary shares at a conversion price of RM0.20 per share.
Shareholders who wish to accept the exit offer, either fully or partially, are advised to follow procedures for acceptance and method settlement, which will be set out in the offer document, together with the accompanying form of acceptance and transfer for the exit offer, both of which will be dispatched to the shareholders in due course.
According to its exchange filing, the withdrawal of ICT Zone Asia Berhad listing from the LEAP Market and its subsequent listing on the ACE Market is a strategic move that aligns with the company’s long-term vision. This transition will provide the company with enhanced visibility, improved liquidity, and access to a broader investor base, further solidifying its position in the market.
“This marks a significant milestone in ICT Zone Asia Berhad’s growth journey and opens a new chapter for the company, reflecting the company’s commitment to expanding its market presence and delivering greater value to its shareholders,” said Tommy Lim Kok Kwang, the Managing Director and Chief Executive Officer of ICT Zone Asia.
The offer provides an opportunity for shareholders to realise their investment at a competitive price, reflecting the company’s commitment to fair and transparent dealings with its stakeholders.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the Initial Public Offering (“IPO”) while SCS Global Advisory Sdn Bhd acts as the financial adviser.
ICT Zone Asia Berhad, a Malaysian leader in information and communication technology (ICT) solutions, offers a comprehensive suite of services for businesses of all sizes. The company handles rentals, leases, and sales of ICT equipment, catering to both private corporations and government agencies.