News

1. INTRODUCTION

AWANTEC wishes to announce that Prestariang Tech Services Sdn. Bhd. (“PTSSB”), a wholly-owned subsidiary of Prestariang Services Sdn. Bhd., which in turn is a subsidiary of the Company, is undergoing Creditors’ Voluntary Winding Up where Mr. Lim Tian Huat and Mr. Chiang Teng Guan of Messrs. Rodgers Reidy & Co. will be appointed as the Joint and Several Interim Liquidators on 2 April 2021 to commence the aforesaid Creditors’ Voluntary Winding Up proceedings pursuant to Section 440(1) of the Companies Act 2016. The meetings of PTSSB and its creditors are scheduled to be held within thirty (30) days from the date of this announcement.

2. DETAILS OF PTSSB

PTSSB, in which AWANTEC has 70% indirect interest, is not a major subsidiary of AWANTEC and the cost of investment in PTSSB is RM700,000. The audited net assets of PTSSB as at 30 June 2020 was negative RM2,498,589. PTSSB was incorporated on 16 April 2015 as a private company limited by shares under the Companies Act 2016 and principally engaged in providing consultancy, advisory, research and development, human resource and other outsourcing services relating to Information and Communication Technology, security related system, network infrastructure and data / system analytics. Its core business was to act as a service provider to Prestariang SKIN Sdn. Bhd. (“PSKIN”) for the “Sistem Kawalan Imigresen Nasional” Project undertaken by PSKIN (“SKIN Project”) which was terminated on 22 January 2019.

3. EFFECTS

The Creditors’ Voluntary Winding Up is not expected to have any material impact on the earnings and net assets of AWANTEC Group for the financial year ending 30 June 2021. The Creditors’ Voluntary Winding Up is also not expected to have any operational impact on AWANTEC Group.

4. RATIONALE

The Creditors’ Voluntary Winding Up is part of an overall debt management exercise undertaken by AWANTEC for the wholly-owned subsidiaries of Prestariang Services Sdn. Bhd. (namely PSKIN and PTSSB) following the termination of the SKIN Project.  AWANTEC had on 2 December 2020 announced the sanction of a Scheme of Arrangement between PSKIN and its scheme creditors. PSKIN is a sister company to PTSSB. Further, PTSSB cannot by reason of its liabilities continue its business as usual.

5. INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED          

Dr. Abu Hasan Bin Ismail, who is a director and shareholder of AWANTEC, is also interested in PTSSB by virtue of his direct interests in Prestariang Services Sdn. Bhd. and Halaman Kapital Sdn. Bhd. Halaman Kapital Sdn. Bhd. is a shareholder of Prestariang Services Sdn. Bhd.

Save as disclosed above, none of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of AWANTEC has any direct or indirect interest  in the Creditors’ Voluntary Winding Up.

This announcement is dated 2 April 2021.