News

Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as those defined in the announcements dated 16 August 2023 and 22 August 2023.

On behalf of the Board of Directors of Awantec, UOB Kay Hian Securities (M) Sdn Bhd wishes to announce that Bursa Securities has vide its letter dated 13 October 2023, granted the Company a further extension of time of 6 months until 13 April 2024 to submit the regularisation plan to the relevant authorities for approval ("Extended Timeframe").

Bursa Securities has further decided to suspend and de-list the securities of the Company from the Official List of Bursa Securities pursuant to Paragraph 8.03(3A) of the Listing Requirements in the event:-

i. the Company fails to submit the proposed regularisation plan to the relevant authorities for approval within the Extended Timeframe;

ii. the Company fails to obtain the approval for the implementation of its regularisation plan and does not appeal within the timeframe (or extended timeframe, as the case may be) prescribed to lodge an appeal;

iii. the Company does not succeed in its appeal; or

iv. the Company fails to implement its regularisation plan within the timeframe or extended timeframes stipulated by the relevant authorities.

In this respect, upon the occurrence of any of the events set out in (i) to (iv) above:-

i. the trading of the securities of Awantec shall be suspended on the 6th market day from the date of notification of suspension by Bursa Securities or such other date as may be specified by Bursa Securities ("Suspension Date"); and

ii. the securities of the Company shall be de-listed and removed from the Official List of Bursa Securities upon the expiry of 2 market days from the Suspension Date, unless an appeal is submitted within 5 market days from the date of notification of de-listing by Bursa Securities ("Appeal Timeframe").

In the event Awantec submits an appeal within the Appeal Timeframe, the de-listing of the Company shall be deferred pending consideration of the Company’s appeal. However, the trading of the securities of Awantec shall be suspended on the Suspension Date even though the decision on the Company’s appeal is still pending.

In arriving at the aforesaid decision to suspend and de-list the Company, Bursa Securities had considered, amongst others, the following factors:-

i. Awantec had failed to regularise the Company’s condition in accordance with Paragraph 8.04(3) of the Listing Requirements and Paragraph 5.0 of PN17.

ii. All affected listed issuers under Paragraph 8.03A of the Listing Requirements are required to regularise their condition expeditiously within the timeframes prescribed in Paragraph 8.04(3) of the Listing Requirements and Paragraph 5.0 of PN17, or extended timeframe as may be granted by Bursa Securities.

iii. The requirement for companies to have an adequate level of operations served to ensure that companies listed on the Official List are of a certain minimum quality as well as to preserve and sustain market integrity and investors’ confidence.

iv. In Bursa Securities’ opinion, adequate time and opportunity had been accorded to Awantec to regularise its condition since the First Announcement on 29 January 2021.

This announcement is dated 13 October 2023.