ACE Market-bound ICT Zone Asia aims to raise RM26.6mil from IPO
KUALA LUMPUR: Technology financing solution company ICT Zone Asia Bhd aims to raise RM26.6 million from its initial public offering (IPO) in conjunction with the transfer of its listing from the LEAP Market to the ACE Market of Bursa Malaysia.
The group, which is scheduled for the listing transfer on June 3, 2025, is making a public issue of 133 million new shares priced at 20 sen apiece.
Group managing director and chief executive officer Tommy Lim Kok Kwang said the ACE Market listing will enable ICT Zone Asia to grow its business organically through funding access from Malaysia's capital market and enhance its ability to meet the growing demands of the stakeholders, supported by increased visibility in the broader capital market.
"Of the total RM26.6 million in proceeds raised, RM21 million or close to 80 per cent has been earmarked for the expansion of our technology financing business.
"RM1.5 million will be allocated to sales and marketing efforts, and the remaining balance will be utilised to cover listing-related expenses associated with the successful transfer to the ACE Market,' he said in during the ICT Zone Asia prospectus launch here today. - Bernama
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