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New Straits Times
5 days ago
- Business
- New Straits Times
ICT Zone opens flat, slips in early ACE Market trade
KUALA LUMPUR: ICT Zone Asia Bhd made a quiet debut on the ACE Market of Bursa Malaysia today, opening flat at its initial public offering (IPO) price of 20 sen per share, before slipping in early trade. At 9.11am, the former LEAP Market constituent eased to 19.5 sen, down 2.5 per cent, with 5.89 million shares changing hands. It was the fourth most actively traded counter, a subdued showing for an IPO debut. The weak start followed recent upbeat performances by Eco-Shop Marketing Bhd and Oasis Home Holding Bhd, which defied a broader trend of lacklustre IPOs in recent months. ICT Zone Asia provides integrated technology financing solutions, including leasing of ICT hardware and software, cloud services and managed information and communications technology solutions for enterprise and public-sector clients. Through the IPO, the company, has been in operation for nearly two decades, raised RM26.6 million from the issuance of 133 million new shares, representing about 16.7 per cent of its enlarged share capital. Of the proceeds, RM21 million has been earmarked to expand its financing business through the purchase of ICT assets, RM1.5 million for sales and marketing, and RM4.1 million to cover listing expenses.
The Sun
13-05-2025
- Business
- The Sun
ICT Zone Asia aims to raise RM26.6 million from IPO in transfer to ACE Market
KUALA LUMPUR: Technology financing solution company ICT Zone Asia Bhd aims to raise RM26.6 million through its initial public offering (IPO) in conjunction with its transfer from the LEAP Market to the ACE Market of Bursa Malaysia. The transfer is scheduled for June 3, and will involve a public issue of 133 million new shares, priced at 20 sen each. Group managing director and chief executive officer Tommy Lim Kok Kwang said the ACE Market listing will provide the company with the opportunity to grow its business organically by gaining access to funding from Malaysia's capital market. It will also enhance its capacity to meet the growing demands of stakeholders, supported by greater visibility in the broader market. 'Of the total RM26.6 million proceeds, RM21 million (or nearly 80%) will be allocated towards expanding our technology financing business. Another RM1.5 million will be used for sales and marketing efforts, while the remaining funds will cover listing-related expenses for the ACE Market transfer,' he said during the prospectus launch today. The company also aims to strengthen its position and focus on achieving a target of RM500 million in unbilled orders within three years. ICT Zone Asia has reported strong financial performance, with a record revenue of RM127.8 million and a profit after tax of RM9.1 million. 'The company's contractual business model, coupled with its revenue visibility and operational efficiency, provides investors with stable recurring cash flows and long-term earnings predictability. 'These attributes are especially valuable in today's market, where risk-adjusted fundamentals and consistent execution are essential,' the company stated. The IPO is now open for applications and will close on May 20. Malacca Securities Sdn Bhd is the principal adviser, sponsor, joint underwriter, and joint placement agent for the IPO. SCS Global Advisory (M) Sdn Bhd is the financial adviser, while Kenangan Investment Bank Bhd is a joint underwriter and joint placement agent. – Bernama
New Straits Times
13-05-2025
- Business
- New Straits Times
ICT Zone Asia eyes growth with ACE Market debut
KUALA LUMPUR: ICT Zone Asia Bhd has launched its prospectus in preparation for its upcoming transfer from the LEAP Market to the ACE Market of Bursa Malaysia. The technology financing firm plans to raise RM26.6 million through its initial public offering (IPO), which involves the issuance of 133 million new ordinary shares priced at 20 sen each. Of the total proceeds, RM21 million or 78.95 per cent will fund the company's assets purchase to expand its technology financing business. Another RM1.5 million will be used for sales and marketing and the balance is for listing-related expenses. Managing director and chief executive officer Tommy Lim Kok Kwang said the IPO positions the company to scale further and accelerate its leadership in technology financing. driving long-term visibility. With the capital raised, we aim to strengthen our presence and remain focused on achieving our RM500 million unbilled order book target within three years," said Lim. Despite a more cautious IPO market, ICT Zone Asia recorded a revenue of RM127.8 million, profit after tax (PAT) of RM9.1 million and adjusted PAT of RM10.6 million excluding one-off listing expenses. The company is set to be listed on the ACE Market on June 3, 2025, debuting with a market capitalisation of approximately RM159.09 million based on the IPO price.
The Star
13-05-2025
- Business
- The Star
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
New Straits Times
24-04-2025
- Business
- New Straits Times
TNB doubles capex to RM42.9bil to back energy transition efforts
KUALA LUMPUR: Tenaga Nasional Bhd (TNB) has more than doubled its budgeted capital expenditure (capex) to RM42.9 billion — comprising RM26.6 billion in base capex and RM16.3 billion in contingent capex — to support infrastructure development for Malaysia's energy transition. President and chief executive officer Datuk Megat Jalaluddin Megat Hassan said of the contingency capex, 64 per cent will be to upgrade infrastructure to support renewable energy (RE), the National Energy Transition Roadmap (NETR) and interconnection projects, while 30 per cent is to meet potential demand growth, and six per cent to maintain security of supply. "Our top priority will be to accelerate decarbonisation. We plan to ramp up investments in solar (LSS5+, LSS6), battery storage (BESS), corporate renewable energy supply scheme (CRESS) and community-based renewables (CREAM). "We will also push forward on green hydrogen, carbon capture, electric mobility, and smart grid interconnections, all vital pieces of the Asean Power Grid vision," he said in TNB's 2024 annual report, filed with Bursa Malaysia today. Energy Transition Efforts Megat Jalaluddin said that to date, TNB currently has 3.3 gigawatt (GW) of RE in Peninsular Malaysia and 1.1 GW abroad, mainly in the United Kingdom (UK) and Ireland. "In 2024, we secured over 700 megawatt-peak (MWp) of solar projects in large solar capacity through LSS5 and LSSS. "In addition, we achieved financial close for a 45MWp solar plant in Kulim under the Corporate Green Power Programme (CGPP)," he said. Internationally, TNB operate a combined capacity of 927 megawatt (MW) comprising solar and wind assets in the UK, Ireland, and Australia, as well as has commenced construction of two new solar farms in the UK, totalling 102MWp. Under the NETR, Megat Jalaluddin said TNB are making progress on three flagship projects, namely floating solar, centralised solar parks, and hydrogen projects. "On floating solar, there is a 2.5 gigawatt (GW) floating solar photovoltaic development across our hydro reservoirs. "This includes a successful installation of 154kWp at Kenyir Dam. For centralised solar parks, we are developing five 150MWp solar parks across Malaysia with local partners. "Currently, we have secured to supply 150MWp of green energy to Bridge Data Centres via Corporate Renewable Energy Supply Scheme (CRESS)," he said. Megat Jalaluddin highlighted that TNB are also working with Petronas on green hydrogen using solar power from its Kenyir project, where a pilot system is currently in place with 500kWp solar panels and 1MWh battery storage. He said TNB has secured a 400MWh battery energy storage system project in Sabah, which is notably the largest of its kind in Asean. "Concurrently, we also received a 400MWh pilot project for the national grid. We have also ventured into the carbon capture and storage space to help reduce emissions from thermal plants," he said. Outlook Going forward, he said the company is optimistic about 2025, with economic growth projected at 4.5 per cent–5.5 per cent, with electricity demand rising by up to 4.5 per cent. "With the launch of the Regulatory Period 4 (RP4) and a promising 7.3 per cent return on investment, we are provided with strong confidence to scale up," Megat Jalaluddin said.
