KUALA LUMPUR (Aug 11): Asdion Bhd (KL:ASDION) has been given until Oct 31 to appoint a replacement sponsor for its proposed Guidance Note 3 (GN3) regularisation plan, failing which it faces delisting from Bursa Malaysia.
Bursa Malaysia granted the ACE Market-listed freight forwarding and trucking services firm a three-month extension to appoint a replacement sponsor, following an appeal by the company, according to a bourse filing on Tuesday.
In a separate filing, Asdion said the bourse regulator also granted the company a six-month extension until Jan 31, 2027, to submit its proposed regularisation plan to the relevant authorities for approval.
This is the third extension granted to Asdion for the submission of its regularisation plan. Its initial July 31, 2025 deadline was extended to Jan 31, 2026, then to July 31, 2026, and now to Jan 31, 2027.
If it fails to complete either — appoint a replacement sponsor or submit its regularisation plan — by their respective deadlines, Bursa Malaysia will delist the securities of Asdion from the bourse, subject to an appeal if lodged.
Delisting could also be triggered if Asdion fails to secure approval to implement its regularisation plan and does not appeal within the prescribed timeframe, loses such an appeal or fails to implement the plan within the timeframe stipulated by the relevant authorities.
Should any of those events occur, Asdion's securities will be removed from Bursa Malaysia's official list two market days after the company is notified or on another date specified by the regulator.
Shares of Asdion have been suspended since July 14.
The suspension came after Kenanga Investment Bank Bhd (Kenanga IB) ceased to be Asdion’s principal adviser and sponsor on July 6, and the company did not apply to the bourse regulator for an extension of time to appoint a replacement.
When Asdion announced the end of Kenanga IB’s tenure, the company said Kenanga IB had decided to end its engagement after reviewing the progress of the proposed GN3 regularisation plan.
Asdion was first classified as a GN3 company on July 31, 2024, after its external auditors flagged a material uncertainty over the group’s ability to continue as a going concern, requiring the company to submit a regularisation plan to Bursa Malaysia within 12 months.
The auditor’s report at the time highlighted that the company's current liabilities exceeded its current assets by RM5.56 million as at end-March 2024 while it posted a net loss of RM7.79 million for the financial year.
The auditor said Asdion's ability to continue operating depended heavily on the successful implementation of its turnaround and fundraising plans.
Asdion was initially involved in software development and IT before diversifying into logistics in 2015 and property development in 2016. Currently, it is only left with its loss-making logistics division.
Shares of Asdion last traded on July 13, when it closed at half a sen, valuing the company at RM2.6 million.