KUALA LUMPUR (July 7): Waja Konsortium Bhd (KL:WAJA) will exit Guidance Note 3 (GN3) status on Wednesday (July 8), more than two years after being classified as a financially distressed company, following the completion of its regularisation plan comprising an RM85 million share capital reduction.

In a statement on Tuesday, Bursa Malaysia said Waja Konsortium has regularised its financial condition and no longer triggers any of the criteria under Paragraph 2.1 of the ACE Market Listing Requirements.

As at March 31, 2026, Waja Konsortium's cash balance stood at RM329,000, down from RM5.71 million a year earlier. The company remained debt-free, while accumulated losses totalled RM75.76 million.

Waja Konsortium was classified as a GN3 company in October 2023 after reporting significant losses that exceeded shareholders' equity. The company posted a net loss of RM44.03 million for the 18-month financial period ended June 30, 2023, surpassing its shareholders' equity of RM37.2 million.

Further, its accumulated losses of RM68.59 million over the two financial years ended December 2021 and June 2023 also exceeded shareholders' equity. Bursa had also cited auditors' concerns over Waja Konsortium's financial condition, which it said the company's directors failed to address adequately.

Waja Konsortium, whose core businesses include construction and IT-related support and consultancy services, had previously been classified as a GN3 company, but exited the financially distressed status in September 2011.

The company was previously known as ConnectCounty Holdings Bhd.

Shares of Waja Konsortium closed unchanged at five sen on Tuesday, giving it a market capitalisation of RM55.76 million.