Friday 21 Jun 2024
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KUALA LUMPUR (April 22): Awanbiru Technology Bhd (Awantec) is appealing against Bursa Malaysia Securities’ decision to suspend the trading of its shares, saying the group has demonstrated that its current business operations are viable, sustainable and have growth prospects.

The group said the appeal was filed on April 19.

"The company had today received a letter from Bursa Securities informing that the appeal against suspension will be escalated to the relevant regulatory committee of Bursa Securities for deliberation and decision," Awantec said in a bourse filing on Monday.

“Notwithstanding the appeal against the suspension, the trading in the securities of Awantec will be suspended with effect from April 26,” it added.

Awantec announced the suspension last week after it failed to submit its regularisation plan to the regulators for approval within the stipulated time frame that ended on April 13. The group said it would face the risk of delisting if no appeal was submitted within five market days from the date of notification of delisting.

Prior to the announcement of the suspension, Awantec said on April 8 that it had applied to the regulators for a waiver from the requirement to submit a regularisation plan, citing recent improvements in financial performance. It added that it had applied to be relieved of its affected issuer status.

The group had also requested a six-month extension until Oct 13 to submit the regularisation plan, in case its applications for the waiver and reclassification were not approved.

Awantec, formerly known as Prestariang Bhd, was required to submit a regularisation plan after being classified as an affected listed issuer in January 2021, following the termination of its wholly-owned subsidiary Prestariang Systems Sdn Bhd’s membership in the Microsoft Partner Network.

The group came under the spotlight recently after it was awarded RM231.55 million by the High Court in a lawsuit against the government over the termination of the RM3.5 billion National Immigration Control System (SKIN) project.

The award, however, represented only one-third of its RM733 million claim. The group had decided to appeal the court decision.

For the six-month period ended Dec 31, 2023, the group posted a net profit of RM1.19 million compared to a net loss of RM4.31 million a year earlier, as revenue increased 9.7% to RM28.63 million from RM26.1 million.

Awantec shares closed half a sen or 2.27% higher at 22.5 sen on Monday, valuing the group at RM177.72 million. Year to date, the counter has lost 17 sen or 2.3%.

Edited ByS Kanagaraju
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