27/01/2025

BIZ & FINANCE MONDAY | JAN 27, 2025

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Establishing Malaysia’s digital identity ecosystem

ICT Zone Asia receives approval for move to ACE Market KUALA LUMPUR: Technology financing (TechFin) solutions provider ICT Zone Asia Bhd has received approval from Bursa Malaysia to transfer its listing from the LEAP Market to the ACE Market, according to its exchange filing. The company was initially listed on the LEAP Market in December 2020. The proposed IPO would offer investors a 23.62% stake in the company at a price to be determined later, according to its prospectus exposure released in October 2024. ICT Zone Asia is targeted to list on the ACE Market of Bursa Malaysia by the second quarter of this year, with an enlarged share capital of 795.45 million shares. “We sincerely thank Bursa Malaysia for approving our listing application, and we are excited to embark on this new chapter of growth and opportunity. This milestone reflects our commitment to excellence and the continued trust we aim to build with our stakeholders,” said managing director and CEO Tommy Lim Kok Kwang. ICT Zone Asia is an ICT solutions provider offering technology financing solutions, ICT hardware and software trading, ICT services, and cloud solutions and services. Its customer base includes strategic partners and channel partners, corporations, government agencies, and retail customers. The firm also sells refurbished ICT hardware directly via its e-commerce platform, www.komputermurah.my, to retail customers. The funds to be raised from the public issue are earmarked for the acquisition of ICT hardware and software to grow its technology financing solutions business, as well as to cover sales and marketing expenses. ICT Zone Asia is majority-owned by ICT Zone Holding Sdn Bhd, whose shareholders include Datuk Seri Ng Thien Phing and Lim. Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO while SCS Global Advisory acts as the financial adviser. ICT Zone Asia’s shares closed at RM0.25 on Friday, giving the group a market capitalisation of RM166 million.

events for the establishment of interoperable digital standards and blockchain-based identity verification systems to safeguard online security and combat fraud. MYEG, through its Layer 1 public blockchain network Zetrix, offers the most comprehensive global ID solution, providing support for not only MyDigital ID, but also digital IDs of Chinese nationals and business entities as well as the World network’s World ID. The MyDigital ID Superapp opens up a world of opportunities for businesses and commercial service providers. By leveraging the national MyDigital ID, companies can seamlessly integrate digital identity verification for direct logins into their existing mobile applications or offer their services as miniapps within the Superapp. This integration eliminates the need for multiple authentication systems, streamlines onboarding processes, and enhances customer experiences, ultimately reducing costs and increasing operational efficiency. A key feature of the MyDigital ID Superapp is its commitment to data privacy and security. The Superapp functions solely as an enabling platform and does not store or access any personal data in facilitating transactions. All data interactions are conducted directly between the user and the service provider, ensuring the highest standards of confidentiality and compliance with privacy regulations. MYEG’s expertise in electronic payment solutions complements MYIDSSB’s specialisation in cybersecurity, authentication, and certification. Together, this collaboration ensures a secure and

user-friendly system that prioritises both data protection and business flexibility, meeting the evolving needs of Malaysia’s digital economy. Scams continue to wreak financial and emotional havoc across Malaysia, with the recent State of Scam Report 2024 revealing staggering losses of RM54.02 billion over the past year. This figure, equivalent to 3% of the nation’s GDP, underscores the pressing need for stronger countermeasures against fraud. By bringing together the latest innovations in blockchain and artificial intelligence with Malaysia’s National Digital ID initiative, this collaboration intends to extend interoperability and the protections afforded to users across the economy and cross-border transactions. This partnership reflects a shared vision to modernise Malaysia’s digital infrastructure without disrupting existing systems. Both MYEG and MYIDSSB are committed to adopting a phased approach to ensure the successful implementation of this future-ready platform. Zetrix co-founder Datuk Fadzli Shah stated: “MYEG’s collaboration with MyDigital ID Solutions marks an important step forward in enhancing Malaysia’s digital landscape and meeting the need for interoperable national digital IDs. This platform will simplify access to digital services while maintaining the highest standards of data security and user privacy. At the same time, it will enable businesses to unlock new opportunities and streamline their operations in the digital age.” The development and proof of concept for the MyDigital ID Superapp are set for completion by the first quarter of 2025.

o MyDigital ID Solutions and MYEG’s app to be built on blockchain infrastructure PETALING JAYA: Malaysia’s digital services company MY E.G. Services Bhd (MYEG) is collaborating with MyDigital ID Solutions Sdn Bhd (MYIDSSB) to establish a blockchain powered national digital identity ecosystem, the MyDigital ID Superapp, marking a major advancement in the battle against online fraud. This groundbreaking partnership between MYEG’s wholly-owned subsidiary MYEG Alternative Payment Services Sdn Bhd and MYIDSSB underscores both organisations’ commitment to driving technological innovation and enhancing the digital ecosystem in Malaysia. The MyDigital ID Superapp will provide a seamless, secure, and scalable solution for integrating digital identity management for commercial service providers. Built on the Malaysia Blockchain Infrastructure – a national initiative under research and development agency Mimos – the platform offers a comprehensive suite of tools, including an ewallet, news broadcasting, and an open innovation software development environment for businesses and service providers to leverage MyDigital ID. This initiative is timely as it comes amid increasing calls by thought leaders and policymakers at various China-Asean ministerial

LBS Bina concludes RM400 million sukuk issuance PETALING JAYA: LBS Bina Group Bhd, a property developer guided by people-first values, has issued its second tranche of Asean Social Sri Sukuk Wakalah, amounting to RM400 million in nominal value (Second Tranche) under LBS’ existing RM750 million Sukuk Wakalah Programme, which is rated AA-IS with a Stable outlook by MARC Ratings Berhad. investors, achieving an oversubscription rate of 5.27 times, with a final order book of approximately RM2.1 billion. The robust demand, LBS said is driven primarily by institutional investors who underscores the market’s confidence in their track record, strategic direction and sound governance practices. Tranche marks another significant milestone in our journey to integrate sustainability into our business operations. “The proceeds will enable us to enhance our portfolio of affordable housing projects, contributing to community development and fostering positive social outcomes. This achievement reflects our continuous commitment to balancing sustainable business growth with the well-being of the communities we serve.” The issuance was managed by HSBC Amanah Malaysia Bhd, Maybank Investment Bank Bhd, and RHB Investment Bank Bhd, which acted as the joint lead managers for the Second Tranche. Gamuda-Ferrovial JV signs deal for pumped hydroelectric energy system in Australia In a statement, LBS said the completion of the Second Tranche continues to demonstrate the capital markets’ positive reception towards LBS’ commitment to sustainable growth and development. The unsecured Second Tranche was issued with a periodic distribution rate of 4.81% per annum and carries a tenure of 7 years, maturing on Jan 23, 2032. The issuance garnered strong interest from The company added that the proceeds from the issuance will be allocated in accordance with the Group’s Sustainability Financing Framework, channelling funds toward projects focused on affordable housing, community development, and sustainability. These initiatives align with LBS’ mission to drive positive societal impact and create lasting value for stakeholders. LBS Group executive chairman Tan Sri Dr Lim Hock San said: “The issuance of this Second He added this issuance reaffirms their dedication to addressing the evolving needs of the communities they serve.

Australia. We’re proud to be part of such a transformative initiative.” Capricornia Energy Hub CEO John Carr said: “The appointment of ECI partners is a significant milestone for Capricornia Energy Hub as it allows us to draw on Gamuda’s and Ferrovial’s expertise to design a cost effective pumped hydro. “We look forward to working with our ECI partners and their strong regional networks to unlock more opportunities for local contractors and supporting the local supply chain.” Construction of the Capricornia Pumped Hydroelectric Energy System is expected to begin in 2026. It will create an estimated 600 jobs during peak construction and 65 local jobs during commercial operations.

role in Queensland’s future energy mix and provide affordable and reliable energy for about 900,000 Queensland homes. At the heart of the project is a cutting edge pumped hydroelectric energy storage system, including a 750- megawatt (MW) pump and a generation facility capable of delivering power continuously for 16 hours. With a total storage capacity of 12 gigawatt-hours (GWh), the system will include an upper off-stream reservoir and a lower reservoir that is approximately 5km downstream from the existing Eungella dam. Gamuda CEO Ewan Yee said: “This landmark project underscores our commitment to Queensland’s re newable energy future while expanding our presence across

PETALING JAYA: Gamuda Bhd in a joint venture with Ferrovial (GFJV), has signed an Early Contractor Involvement (ECI) agreement with Capricornia Energy Hub (CEH) for its Capricornia Pumped Hydroelectric Storage System (PHES) in Central Queensland, Australia. CEH is owned by Copenhagen Infrastructure Partners (CIP), one of the world’s largest clean energy investors. In a statement, the company said the ECI phase will take approximately five months to develop an Engineering, Procurement, and Construction (EPC) contract to deliver the PHES. Delivery of the integrated renewable energy and pumped hydro storage project, located approximately 80km west of Mackay in Central Queensland, will play an important

From left: Yee; Ferrovial’s managing director for Australia Antonio Cañete; CIP Australia partner and head Jørn Hammer and CIP Australia investment director David Baker.