Second Investment Account Platform (IAP) Listing for ICT Zone Venture

ICT Zone Ventures Berhad, a company that provides total ICT solutions encompassing hardware, service and application including rental of ICT equipment is currently raising funds totaling RM2.75 million via IAP.

This is the second time for the company that conducts its business at Excella Business Park, Jalan Ampang Putra, Ampang, turns to IAP to raise funds for its business.

Sponsored by Affin Islamic Bank Berhad, the company is raising funds to part finance 80 per cent of the costs to purchase ICT equipment for onward rental to a third party.

According to IAP Integrated Sdn Bhd chief executive officer, Joann Maryam Enriquez, being the company that operates the IAP, the campaign period to raise the RM2.75 million has started on 9 January and shall run for a period of 30 days.

The indicative return is 6.56 per cent per annum and the investment period is for a period of 27 months.

Back in November 2016, ICT Zone Venture Berhad was listed on IAP by Affin Islamic Bank Berhad to raise RM3.9 million.

The first listing was for the purpose of supplying notebooks for a recurring national service training program (PLKN) on a rental basis.

The indicative return for the first listing was 6.08 per cent per annum and the whole amount was fully settled in September 2018.

Enriquez added that Affin Islamic Bank Berhad is providing a firm commitment for underwriting where the bank fully commits to the investment offering by buying the entire issue and taking financial responsibilities for any unsubscribed portion of the listing.

Similar to the bank's two previous listings on IAP, such firm commitment indicates its full confidence on the company's credit strength while providing potential new companies planning to raise funds via IAP a certainty of funding.

For this listing, the minimum amount for investment is RM5,000 and both principal and profit of 6,56 per cent per annum will be recouped and paid on a monthly basis to all investors.

For 2019, IAP expects to have listings of approximately RM100.0 million from its sponsoring banks.