On Jul 4, Zico Holdings : 40W 0% group CEO Ng Hock Heng acquired 1,791,000 shares at S$0.04 per share. With a consideration of S$77,246, this increased his direct interest in the Catalist-listed stock from 2.97 per cent to 3.41 per cent. His preceding acquisition was on Mar 12, with 1,050,198 shares acquired at S$0.04 per share. Ng has been the executive director at Zico Holdings since 2014 and was appointed as the group CEO in May 2023, as part of the company&rsquo s planned leadership transition. His key responsibilities include overseeing overall operations, managing the advisory and transaction services, the management, support services and licensing services segments, as well as developing and managing the group&rsquo s new services.

 

PROFESSIONAL services provider Zico Holdings : 40W 0% on Monday (Apr 8) appointed Mohamed Nasser Ismail &ndash who was formerly the global head of equity capital markets at the Singapore Exchange (SGX) &ndash to its board as an independent director, along with two other directors.

 

The new appointments, the company said, is to sharpen its focus on the capital market and wealth management sector in the region. The three appointments are effective immediately. 

 

The company said its appointment of Nasser, 51, represents a &ldquo strategic move aimed at rejuvenating and refreshing&rdquo its board. 

 

Nasser&rsquo s appointment is &ldquo essential to ensure the continued dynamism and relevance of the board in a rapidly evolving business landscape,&rdquo the company added. 

 

Zico said Nasser brings a wealth of qualifications and extensive experience, particularly in the capital equity market, making him &ldquo well-suited&rdquo for his roles. 

 

Nasser is currently the chairman of DBS&rsquo digital exchange conflicts and appeals committee, and also serves as a senior adviser to law firm WongPartnership. 

 

He was also elected to the board of Sim Leisure Group in March this year. 

 

Veerinderjeet Singh will also join Zico&rsquo s board as an independent director. The company said Singh, 67, is a &ldquo noted authority&rdquo in the field of Malaysian taxation with over 40 years of experience across the public sector, academia, private practice and the corporate sector on various tax matters including incentives, restructuring and listing exercises.

 

He is currently a senior adviser on tax policy for KPMG Malaysia, and also serves as an independent non-executive director on the boards of AmBank Malaysia and Malaysian Rating Corporation. 

 

Zico also appointed Shweta Nandy, 29, to its board as a non-independent non-executive director. The company said Nandy established her legal career in alternative finance, private equity and wealth management, and served as managing partner of a legal firm in Malaysia, where she headed the corporate and commercial practice. 

 

As she does not have any prior experience as a director of an issuer listed on SGX, Zico will arrange for her to attend the relevant training on the roles and responsibilities of a director at a Singapore-listed company within one year from her appointment date. 

 

Zico&rsquo s board said it has considered the recommendations of its nominating committee and assessed the three incoming directors. It concluded that the trio have the requisite experience and capabilities to assume the responsibilities of their roles at Zico. 

On Mar 12, Zico Holdings : 40W 0% group CEO Ng Hock Heng acquired 1,050,198 shares at S$0.04 per share. With a consideration of S$42,010, this took his direct interest in the Catalist-listed stock from 2.92 to 3.20 per cent. Ng held the role of executive director at Zico Holdings from 2014 and was later redesignated as the group CEO in May 2023, in line with the group&rsquo s succession planning. He is primarily responsible for overseeing the overall business of the group, the management of the its advisory and transaction services segment, the management, support services and licensing services segment, as well as developing and managing new services.

 

For its FY23 (ended Dec 31), Zico Holdings reported a substantial net loss. This was partially due to significant downsizing activities in Myanmar, which involved substantial non-cash impairments and write-offs in FY23. The group noted these measures were needed to substantially reduce future losses from these activities as well as redeploying working capital to other business units which will facilitate corporate recovery. Its strategy is to expand the asset management business in Singapore, as well as the trust and fiduciary services, capital markets and corporate and investor services. The group added it is cautiously optimistic of its prospects in FY2024 barring any unforeseen circumstances.

On Oct 18, Zico Holdings : 40W 0% CEO Ng Hock Heng acquired three million shares at S$0.06 per share. With a consideration of S$180,000, the married deal increased Ng&rsquo s direct interest in the Catalist-listed stock from 1.80 per cent to 2.59 per cent.

 

He was appointed to the board in December 2010, and held the role of executive director from 2014, and was later redesignated group CEO in May 2023, in line with the group&rsquo s succession planning.

 

He is primarily responsible of overseeing the overall business of the group, the management of the group&rsquo s advisory and transaction services segment, the management, support services and licensing services segment, as well as developing and managing new services.

 

On Jul 14, Zico Holdings completed the acquisition of the remaining equity interest in Zico Asset Management, which aligns with management&rsquo s strategic decision to place a stronger emphasis on the wealth management and trust industry which it sees as a window of opportunity for growth potential.

 

Zico is an integrated provider of multidisciplinary professional services focused on the Asean region, providing advisory and transactional services, management and support and licensing services.

CATALIST-listed Zico Holdings : 40W -1.47% has entered into a conditional placement agreement that will raise S$2.7 million and give placee and existing shareholder Nik Norzul Thani Hassan Thani a 10.57 per cent stake of its enlarged share capital, it announced on Friday (Apr 14). The placee will become a substantial shareholder.

 

The agreement is for the subscription of an aggregate of 30 million ordinary shares in the professional service firm, at an issue price of S$0.09 per placement share &ndash which represents a 34.2 per cent premium over its last traded price of S$0.067 at market close on Friday.

 

Upon completion of the placement, the company will have an issued and paid-up capital of close to 379.9 million ordinary shares.

 

Dr Nik, who is a director in several indirect subsidiaries of Zico Holdings, currently already holds some 10.2 million shares representing 2.91 per cent of the company&rsquo s existing issued share capital.

 

He has been supporting the company as an adviser.

 

The placee was introduced to the company by its managing director Chew Seng Kok. Chew was previously managing partner in Malaysian law firm Zaid Ibrahim & Co, while the placee is its chairman of over 10 years.

 

That Dr Nik is a director of several indirect subsidiaries of ZHI group is &ldquo primarily due to the compliance requirements in the regulated entities&rdquo , said Zico Holdings, adding that he has also been appointed as the chairman of Zico AA and Zico Trust. 

 

He is willing to subscribe for the placement shares at a 34.2 per cent premium as he is aware of the group as a service provider and acknowledges that the shares of the company are illiquid, the company said.

 

It added that he views the placement as an opportunity to obtain a strategic block in the company and he noted an increase in revenue in the advisory and transactional services based on Zico Holdings&rsquo unaudited full-year results for FY2022.

 

The company added that 70 per cent to 75 per cent of the funds raised are expected to go towards working capital and general corporate purposes, mainly to improve its cash flow to further support the working capital requirements of operational costs. The remaining 25 per cent to 30 per cent will be used for opportunistic acquisition.

 

The proposed share placement is conditional upon in-principle approval being granted by the Singapore Exchange for the listing and quotation of the new shares, among other things.

 

Completion of the placement will take place no later then seven market days after the fulfilment of conditions set out in the subscription agreement, Zico Holdings said.

 

MANAGEMENT consulting company Zico Holdings said in a bourse filing on Thursday (Apr 7) that its indirect subsidiary Zico Trust has been served with a writ of summons on Apr 4.

 

The writ, filed by CPS German 1 on Mar 31, claimed that the trust company had received funds amounting to US$5 million and S$720,000 in two accounts and is liable to return them.

 

In addition to this sum, CPS German 1 also claimed damages worth US$1 million and S$144,000, from Zico Trust, as well as three other defendants that were also named in the writ.

 

They are Seed Global Investment, Tew See Mong and Lim Soon Cheng. Tew is the chief executive officer of Seed Global Investment, an investment consultancy firm.

 

Zico said in the filing that these three other defendants are not part of and are not related to its indirect subsidiary, which provides personal and corporate trust services.

 

The company intends to defend the claims made and is seeking legal advice on the matter.

 

In Dec last year, Zico Malaysia, another subsidiary of Zico Holdings, had sold 49 per cent stake in Zico Trust for RM9.6 million (S$3.1 million) to Riau Capital , which is a family-owned investment company in Singapore.

 

The trust company has been operating in the Labuan International Business and Financial Centre, a special economic zone in the Malaysian state of Sabah, since 2005.

 

CATALIST-LISTED Zico Holdings $ ZICO Hldgs: 40W 0% announced on Friday (Dec 17) that its wholly owned subsidiary will be disposing of 49 per cent stake in Zico Trust for RM9.6 million (S$3.1 million).

 

The subsidiary, Zico Malaysia, has entered into a conditional sale and purchase agreement with Riau Capital, a family-owned investment company based in Singapore.

 

Zico Trust is an indirect subsidiary of the company and has been operating in the Labuan International Business and Financial Centre since 2005.

 

The move comes as the company looks to focus on the growing wealth management industry in Asia, said Zico in a press statement.

 

Zico added that Riau Capital' s established network with the likes of wealth management companies in Europe, can help boost the growth of Zico Trust and benefit the company' s shareholders and stakeholders.

 

Completion of the deal is subject to and conditional upon fulfilling certain conditions precedent, including but not limited to written approval from the the Labuan Financial Services Authority.

 

Upon the disposal, the company will hold a 51 per cent equity interest in Zico Trust and Riau Capital will hold the remaining 49 per cent.

 

ZICO Holdings has put in an application for an Islamic digital bank licence from Bank Negara Malaysia, under a tie-up with Bursa-listed technology unicorn Green Packet and M24 Tawreeq.

 

The Catalist-listed professional service firm has entered into a head of agreement with Green Packet and M24 Tawreeq in relation to a proposed joint venture to apply for the digital bank licence in Malaysia.

 

Parties put in the application on June 30, and a response from Bank Negara is expected in the second quarter of 2022. But Zico cautioned that there is no certainty that the consortium will receive approval.

 

Zico has stated it will assess the potential impact of the new business on the group' s existing business, including seeking a diversification mandate, if it obtains the licence and there is a need for the mandate.

 

But the company noted that the proposed functions it would play in the venture are within its ordinary course of business, in its response on Monday to the queries from the Singapore Exchange regarding the agreement with the two Malaysian counterparts.

 

Zico also stated that Green Packet is a Malaysian-based international technology-solutions company founded in Silicon Valley in the United States. It emerged as the first technology unicorn in Malaysia with a market capitalisation of US$1 billion.

 

M24 Tawreeq, previously AJWA Capital, is the first fully digital Islamic factoring finance company in Malaysia, registered with Malaysia' s Ministry of Finance.

A consortium formed by Green Packet Berhad, SGX-listed ZICO Holdings and fast-growing digital Islamic factoring platform M24 Tawreeq Sdn Bhd have formed a consortium on June 29.

 

The consortium will jointly submit an application for one of five digital banking licenses to be issued by Bank Negara Malaysia.

The consortium&rsquo s application is focused on establishing an Islamic Digital Bank, which would include several other strategic collaborators.

 

According to the joint statement, the application will further complement the products and value-added services to be offered by the consortium, augment its client serving capabilities and expand its customer base.

 

The consortium brings together Green Packet&rsquo s know-how in technological solutions, ZICO&rsquo s proficiency in business and financial advisory as well as Shariah regulatory compliance, along with M24 Tawreeq&rsquo s understanding and experience in Shariah-compliant financial offerings.

 

The consortium, in its application, seeks to serve unserved and underserved Malaysians according to the Shared Prosperity Vision 2030. It is also in alignment with Bank Negara Malaysia&rsquo s policy while complementing the current banking system.

 

&ldquo Through our years of experience in addressing the needs of the underserved market via Kiple and its products, we have learned so much about their financial needs and the glaring gap between their unique struggles and the financial products or services available today,&rdquo says Ku Kok Peng, group chief strategy officer of Green Packet.

 

&ldquo We seek to revive how banking should be &ndash personal, empathetic, and supportive. In this manner, our initiative is deliberately positioned as a responsible disruptor in advancing Islamic Digital Banking for all,&rdquo he adds.

 

Banking access needs to be complemented with financial literacy and innovation. By going digital, the ability to move swiftly while offering a broader range of solutions becomes possible,&rdquo says Chew Seng Kok, managing director of ZICO.

 

&ldquo With that in mind, we believe there is a unique balance in establishing an Islamic Digital Bank that is able to put the community first while maintaining the integrity and rigour of regulatory compliance that is expected from any financial institution. ZHI&rsquo s experience in Shariah compliance and advisory will ensure there is no compromise on integrity as our bank introduces modern Islamic financial products and services,&rdquo he adds.

 

&ldquo The key to elevating the livelihoods of underserved Malaysians is to ensure they have access to cost-efficient and practical tools for better cash flow management that will empower them to do so,&rdquo says Ahmad Tarmizee Ab. Hamid, group managing director of M24 

Tawreeq.

 

&ldquo Our offerings work synergistically with the suite of microservices the consortium intends to offer to better serve our targeted segments.&rdquo