KUALA LUMPUR (Nov 10): Asdion Bhd has received a winding-up petition from Renox Stainless Steel Co Ltd for the sum of RM67,081.30 indebted to the latter, its Bursa Malaysia filing showed on Friday.

The software developer said the petition was presented by Renox Stainless to the High Court of Kuala Lumpur on Nov 7.

According to Renox Stainless, Asdion had failed and neglected to pay or satisfy the said sum of RM67,081.30.

“Save for the legal fees and disbursements involved to challenge and oppose the petition, the company does not expect to incur further losses arising from the petition.

“The operations of the company will cease if it fails to defend itself in the petition. The petition is fixed for case management on Dec 27, 2023,” Asdion said.

The company added that it has sought preliminary legal advice and it intends to challenge and oppose the petition.

In February this year, Asdion’s independent auditors Messrs CAS Malaysia PLT issued an unmodified audit opinion with a material uncertainty related to going concern for the company’s statements for the financial year ended Sept 30, 2022 (FY2022).

Based on the auditors’ report, the group's current liabilities exceeded its current assets by RM22.79 million. As of September 30, 2022, it had suffered an accumulated loss of RM6.09 million.  

For the nine-month period ended Sept 30, 2023, it incurred a lower net loss of RM777,000 against RM3.64 million in the same period a year ago.

Shares in Asdion closed half a sen or 6.67% lower at seven sen, valuing the company at RM33 million.