New Risk • Aug 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (65% net debt to equity). Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (RM214.8m market cap, or US$52.9m). Reported Earnings • Jun 24
First quarter 2027 earnings released: EPS: RM0.006 (vs RM0.005 in 1Q 2026) First quarter 2027 results: EPS: RM0.006 (up from RM0.005 in 1Q 2026). Revenue: RM100.3m (up 141% from 1Q 2026). Net income: RM4.49m (up 35% from 1Q 2026). Profit margin: 4.5% (down from 8.0% in 1Q 2026). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the IT industry in Malaysia. Ankündigung • May 26
ICT Zone Asia Berhad, Annual General Meeting, Jul 22, 2026 ICT Zone Asia Berhad, Annual General Meeting, Jul 22, 2026, at 10:30 Singapore Standard Time. Location: ground floor, block j, excella business park, jalan ampang putra, 55100 kuala lumpur, wilayah persekutuan, Malaysia Reported Earnings • Mar 13
Full year 2026 earnings released: EPS: RM0.022 (vs RM0.015 in FY 2025) Full year 2026 results: EPS: RM0.022 (up from RM0.015 in FY 2025). Revenue: RM187.0m (up 46% from FY 2025). Net income: RM16.1m (up 83% from FY 2025). Profit margin: 8.6% (up from 6.9% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 15% growth forecast for the IT industry in Malaysia. Reported Earnings • Dec 19
Third quarter 2026 earnings released: EPS: RM0.006 (vs RM0.004 in 3Q 2025) Third quarter 2026 results: EPS: RM0.006 (up from RM0.004 in 3Q 2025). Revenue: RM41.2m (up 18% from 3Q 2025). Net income: RM4.41m (up 99% from 3Q 2025). Profit margin: 11% (up from 6.3% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the IT industry in Malaysia. New Risk • Sep 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks High level of debt (65% net debt to equity). Market cap is less than US$100m (RM155.1m market cap, or US$37.0m). Reported Earnings • Sep 19
Second quarter 2026 earnings released: EPS: RM0.005 (vs RM0.004 in 2Q 2025) Second quarter 2026 results: EPS: RM0.005 (up from RM0.004 in 2Q 2025). Revenue: RM51.3m (up 78% from 2Q 2025). Net income: RM3.84m (up 76% from 2Q 2025). Profit margin: 7.5% (down from 7.6% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the IT industry in Malaysia. Ankündigung • May 27
ICT Zone Asia Berhad, Annual General Meeting, Jul 15, 2025 ICT Zone Asia Berhad, Annual General Meeting, Jul 15, 2025, at 10:30 Singapore Standard Time. Location: ground floor, block j, excella business park, jalan ampang putra, 55100 kuala lumpur, wilayah persekutuan, Malaysia Ankündigung • May 22
ICT Zone Asia Berhad has completed a Follow-on Equity Offering in the amount of MYR 30.8 million. ICT Zone Asia Berhad has completed a Follow-on Equity Offering in the amount of MYR 30.8 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 43,909,200
Price\Range: MYR 0.2
Discount Per Security: MYR 0.005
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 110,090,800
Price\Range: MYR 0.2
Discount Per Security: MYR 0.005
Transaction Features: Reserved Share Offering Ankündigung • Apr 04
Datuk Seri Ng Thien Phing and Ict Zone Holding Sdn Bhd completed the acquisition of 0.84% stake in ICT Zone Asia Berhad (KLSE:ICTZONE) for MYR 1.11 million. Datuk Seri Ng Thien Phing and Ict Zone Holding Sdn Bhd proposed to acquire remaining 35.43% stake in ICT Zone Asia Berhad (KLSE:ICTZONE) for MYR 46.9 million on February 17, 2025. In this transaction, Buyer will pay cash consideration of MYR 0.20 per offered shares. As at the date of the Notice, ICT Zone Asia has 662.453200 million ICT Zone Asia Shares in issue, wherein the Joint Offerors and the PACs collectively hold 491.032500 million ICT Zone Asia Shares. Offer is NOT CONDITIONAL upon any minimum level of acceptances of the Offer Shares. The transaction is subject to the following pre-conditions (“Pre-Conditions”) being met: (i) approvals from the Bursa Securities for the following: (a) Withdrawal of Listing; (b) admission of the entire enlarged issued ICT Zone Asia Shares to the Official List of the ACE Market; (c) listing and quotation of such number of new ICT Zone Asia Shares to be issued pursuant to the Listing and conversion of ICPS; and (d) approval-in-principle for the registration of the prospectus to be issued by ICT Zone Asia pursuant to the issuance of 133,000,000 new ICT Zone Asia Shares (“Public Issue”) and offer for sale of up to 54,913,300 ICT Zone Asia Shares; (ii) approvals from ICT Zone Asia’s shareholders and ICPS holders for the Proposals; (iii) approval from the SC for the resultant equity structure under the equity requirement for publicly listed companies pursuant to the Listing; and (iv) approval from the Ministry of Investment, Trade and Industry (“MITI”) for taking note and having no objections to the Listing. On 17 February 2025, ICT Zone Asia had obtained approval for all the Pre-Conditions. Pursuant to the SC’s consent on the pre-conditional voluntary general offer and the fulfilment of the PreConditions. The Exit Offer will remain open for acceptances until 5.00 p.m.
(Malaysian time) on Wednesday, 2 April 2025.
Datuk Seri Ng Thien Phing and Ict Zone Holding Sdn Bhd completed the acquisition of 0.84% stake in ICT Zone Asia Berhad (KLSE:ICTZONE) for MYR 1.11 million on April 2, 2025. Ankündigung • Mar 22
Adviser Urges ICT Zone Asia Minority Shareholders to Reject Exit Offer ICT Zone Asia Berhad (KLSE:ICTZONE)'s minority shareholders have been advised by an independent adviser to reject the unconditional voluntary take-over offer (exit offer) from Ict Zone Holding Sdn Bhd and Datuk Seri Ng Thien Phing (the joint offerors). In a statement, ICT Zone Asia said that the offer includes acquiring all the remaining 234.73 million shares, representing approximately 35.43% of the total issued shares in ICT Zone Asia at a cash offer price of 20 sen per share. "MainStreet Advisers Sdn Bhd, the independent adviser, has deemed the exit offer as unfair and unreasonable", said ICT Zone Asia. MainStreet's evaluation found that the exit offer represents an 8.88% discount to ICT Zone Asia's estimated value based on the discounted cash flow valuation. "Furthermore, the exit offer price is 28.57% lower than the last traded price of 28 sen on Feb. 28, 2025, translating to a discount of eight sen per share. "While MainStreet acknowledges that the exit offer matches ICT Zone Asia's illustrative initial public offering (IPO) price of 20 sen per share, it also highlighted that the final IPO price will not exceed the exit offer price", ICT Zone Asia said. The independent adviser also noted that the joint offerors intend to maintain ICT Zone Asia's listing status on the LEAP Market until the completion of the transfer of listing to the ACE Market of Bursa Malaysia Securities Bhd (transfer listing) after the exit offer. The exit offer remains open for acceptance until 5 pm on April 2, 2025 (closing date). The offer is intended to facilitate the implementation of the transfer listing pursuant to Rule 8.06(1) of the LEAP market listing requirements and paragraph 2.1 of Guidance Note 15A of the ACE Market Listing Requirements, said ICT Zone Asia. Ankündigung • Oct 29
ICT Zone Asia Berhad has filed a Follow-on Equity Offering. ICT Zone Asia Berhad has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 43,909,200
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 144,004,100
Transaction Features: Reserved Share Offering Ankündigung • Feb 13
ICT Zone Asia Berhad Appoints Miss Karen Yap Pik Li as Independent and Non Executive Director ICT Zone Asia Berhad announced the appointment of Miss Karen Yap Pik Li, age 52, Gender, Female, as Independent and Non Executive Director, effective from February 13, 2024. Qualifications: Professional Qualification in Chartered Accountant of the Malaysian Institute of Accountants (MIA) from Malaysian Institute of Accountants, Professional Qualification in Associate Member of the Chartered Institute of Management Accountants, UK (CIMA) (ACMA) from Chartered Institute of Management Accountants, UK, Professional Qualification in Chartered Global Management Accountants (CGMA) from the Association of International Certified Professional Accountants (AICPA) from Association of International Certified Professional Accountants, Diploma in Diploma in Commerce (Management Accounting) from Kolej Tunku Abdul Rahman. Working experience and occupation: Ms. Karen Yap Pik Li ("Ms. Karen") is a Chartered Accountant with over 28 years of experience in finance, accounting, business operations, and corporate exercises. She began her professional journey with Lityan Management Sdn Bhd, a subsidiary of Theta Edge Berhad (formerly known as Lityan Holdings Berhad) as an Accounts Executive in 1995, and subsequently held various managerial positions within Theta Edge Berhad's group of companies ("Theta Edge Group") where she oversaw corporate exercises, financial operations, and project management. Ms Karen was appointed as a Chief Financial Officer at the Theta Edge Group where she led the financial management and corporate functions of the Theta Edge Group until 2021. Ankündigung • Nov 03
ICT Zone Asia Berhad has completed a Follow-on Equity Offering in the amount of MYR 10.141393 million. ICT Zone Asia Berhad has completed a Follow-on Equity Offering in the amount of MYR 10.141393 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 10,004,650
Price\Range: MYR 0.19
Security Name: Shares
Security Type: Common Stock
Securities Offered: 31,318,700
Price\Range: MYR 0.19
Security Name: Shares
Security Type: Common Stock
Securities Offered: 12,052,400
Price\Range: MYR 0.19
Transaction Features: Subsequent Direct Listing Board Change • Oct 19
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Non-Independent Non-Executive Chairman Thien Ng was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 27
Second quarter 2024 earnings released: EPS: RM0.003 (vs RM0.002 in 2Q 2023) Second quarter 2024 results: EPS: RM0.003 (up from RM0.002 in 2Q 2023). Revenue: RM58.2m (up 251% from 2Q 2023). Net income: RM2.02m (up 65% from 2Q 2023). Profit margin: 3.5% (down from 7.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Board Change • Sep 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Non-Independent Non-Executive Chairman Thien Ng was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Aug 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (44% accrual ratio). Minor Risks High level of debt (71% net debt to equity). Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Market cap is less than US$100m (RM135.6m market cap, or US$29.3m). Board Change • Aug 14
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Non-Independent Non-Executive Chairman Thien Ng was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jul 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Non-Independent Non-Executive Chairman Thien Ng was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
