Kuala Lumpur, February 18, 2025 – ICT Zone Asia Berhad, a prominent provider of technology financing solutions, announced on February 17, 2025, that it has received an unconditional voluntary takeover offer from Datuk Seri Ng Thien Phing and ICT Zone Holding Sdn Bhd to acquire all remaining shares of the company not yet owned by them. The exit cash offer is set at RM0.20 per share.
Currently, ICT Zone Asia is 64.6% majority-owned by ICT Zone Holding Sdn Bhd, with Datuk Seri Ng Thien Phing holding a 61.5% stake in ICT Zone Holding. The company has also successfully received approval from Bursa Malaysia for its transfer from the LEAP Market to the ACE Market, a key step in its growth strategy. This transition was officially approved on January 24, 2025.
Initially listed on the LEAP Market in December 2020, ICT Zone Asia raised funds through an IPO at RM0.16 per share for ordinary shares and RM0.20 per share for Irredeemable Convertible Preference Shares (ICPS). These ICPS matured in January 2025 and were converted to ordinary shares at the same price of RM0.20 each.
Shareholders wishing to accept the exit offer will receive further instructions regarding the acceptance process and settlement methods through a formal offer document, which will be sent shortly.
The company views its listing transition to the ACE Market as a strategic move to increase its visibility, liquidity, and investor base, reinforcing its market position and supporting its long-term vision. Managing Director and CEO Tommy Lim Kok Kwang emphasized the significance of this milestone, marking a new chapter in the company’s journey towards expanding its market presence and delivering value to its shareholders.
This opportunity allows shareholders to liquidate their investments at an attractive price, reflecting ICT Zone Asia’s dedication to transparency and fair dealings.
Malacca Securities Sdn Bhd serves as the principal adviser, sponsor, underwriter, and placement agent for the IPO, while SCS Global Advisory Sdn Bhd acts as the financial adviser.
ICT Zone Asia Berhad continues to be a key player in the Malaysian ICT solutions sector, offering a broad range of services including the rental, lease, and sale of ICT equipment to both private corporations and government entities.
