KUALA LUMPUR (May 10): Bursa Malaysia Securities Bhd (Bursa Securities) on Friday lifted AwanBiru Technology Bhd (KL:AWANTEC), formerly Prestariang Bhd, from its status as an affected listed issuer, after three years.
In a bourse filing, the ICT software service provider said Bursa Securities has granted the company a waiver from being classified as an affected listed issuer, as it had complied with the criteria for the upliftment.
The exchange regulator has also lifted the trading suspension of Awantec shares, which will take effect next Monday (May 13).
Awantec was 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.
Its shares were subsequently suspended on April 26 this year, as the group failed to submit its regularisation plan to regulators for approval within the stipulated timeframe. The stock was last traded at 25.5 sen, with a market capitalisation of RM201.42 million.
Prior to 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 for a six-month extension until Oct 13 to submit the regularisation plan, in case its waiver application and the lifting of its affected issuer status were not approved.
On Tuesday (May 7), Awantec reported a net profit of RM2.14 million for its third quarter ended March 31, 2024 (3QFY2024), versus a net loss of RM1.99 million it had incurred a year ago, as its software and services segment secured major contracts with higher revenue. Revenue jumped more than sixfold to RM55.77 million, from RM8.51 million.
For its first nine months of FY2024, the group made a net profit of RM3.33 million compared to a net loss of RM6.3 million in 9MFY2023, as revenue more than doubled to RM84.39 million from RM34.6 million.