Awantec Shares To Be Suspended From Trading From April 26

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Awantec was classified as an affected listed issuer in January 2021 following the termination of its subsidiary’s membership in the Microsoft Partner Network. (awantec pic)PETALING JAYA: Trading in the shares of AwanBiru Technology Bhd (Awantec) will be suspended from April 26 after the IT services provider failed to submit its regularisation plan to the regulators.
In a bourse filing today, the group stated it was required to submit the regularisation plan to Bursa Malaysia Securities within the extended timeframe that ended on April 13.
It had to submit a regularisation plan after being classified as an affected listed issuer in January 2021 following the termination of its wholly owned unit Prestariang Systems Sdn Bhd’s membership in the Microsoft Partner Network.
Formerly known as Prestariang Bhd, the group also faces the risk of delisting if no appeal is submitted within five market days from the date of notification of delisting.
Awantec had on April 8 announced it applied for a waiver from submitting a regularisation plan citing recent improvements in its financial performance. It also applied for an uplifting of its affected issuer status.
In addition, it also requested for a six-month extension until Oct 13 to submit the regularisation plan, in case the waiver and re-classification applications were not approved.
On March 14, the Kuala Lumpur High Court awarded Awantec RM231.55 million in its lawsuit against the Malaysian government over the termination of the RM3.5 billion National Immigration Control System (SKIN).
Its wholly owned unit Prestariang Skin Sdn Bhd (PSKIN) bagged the SKIN project in August 2017 under the then Barisan Nasional government to replace the Malaysian Immigration System (myIMMs).
However, in December 2018, the Pakatan Harapan government led by then prime minister Dr Mahathir Mohamad decided to scrap the project for a new system. After both parties failed to reach an agreement on the compensation to be paid by the government, PSKIN sued the government.
Awantec’s shares closed unchanged at 32 sen, valuing the group at RM252.77 million. - FMT

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