News

We refer to the Company’s announcement dated 8 April 2024 where the Company had submitted an application to Bursa Malaysia Securities Berhad (“Bursa Securities”) for a waiver from having to submit and implement a regularisation plan as required under Paragraph 8.03A(3) of the Main Market Listing Requirements of Bursa Securities (“Listing Requirements”) and an upliftment of Awantec from being classified as an affected listed issuer (“Waiver and Upliftment Application”).

To further elaborate, the Waiver and Upliftment Application mentioned above was made pursuant to Paragraph 8.03A(5) of the Listing Requirements, which states that an affected listed issuer NEED NOT comply with the requirements set out in subparagraph (3) of Paragraph 8.03A of the Listing Requirements ie amongst others, to undertake a regularisation plan (which typically entails an acquisition of a new business that results in a significant change in business direction of the company or a fund raising exercise) that is subject to the approval of the relevant regulatory authority, provided that -

(a) the affected listed issuer is able to demonstrate to the satisfaction of the Bursa Securities that its remaining business is viable, sustainable and has growth prospects, supported with appropriate justifications; and

(b) in the view of the Bursa Securities, its level of operations warrants continued trading or listing on the Official List.

To this end, the Company as part of the Waiver and Upliftment Application had provided the following to justify that it has undertaken a ‘self regularisation plan’ and to demonstrate that its existing business is viable, sustainable and has growth prospects:

1. Two consecutive quarterly results where Awantec and its subsidiaries (“Awantec Group”) registered profits for the financial periods ended 30 September 2023 and 31 December 2023, accompanied with limited review reports issued by Awantec’s auditors;
2. Awantec Group’s business plan that has been established and currently being executed;
3. Awantec Group’s existing secured order book and tender book of contracts that will contribute to Awantec Group’s financial sustainability;
4. The results of a review of the internal controls and risk management by Messrs KPMG Management and Risk Consultancy Sdn Bhd; and
5. An extract from the independent market research report by Providence Strategic Partners Sdn Bhd

On behalf of the Board of Directors of Awantec, Maybank Investment Bank Berhad (“Maybank IB”) wishes to announce that Bursa Securities had via its letter dated 18 April 2024 informed the Company that Bursa Securities has noted that:

a)   Awantec had failed to submit the proposed regularisation plan to the relevant authorities for approval within the extended timeframe of 13 April 2024 as granted by the Listing Committee via its letter dated 13 October 2023 (“LC Decision Letter”); and

b)  the Company had vide Maybank IB submitted the Waiver and Upliftment Application on 8 April 2024.

In the circumstances and pursuant to Paragraph 8.03A(3) of the Listing Requirements and the LC Decision Letter, Bursa Securities had informed that:

 (i)  the trading in the securities of Awantec will be suspended with effect from 26 April 2024 ("Suspension Date") even though the decision on the Waiver and Upliftment Application is still pending.

(ii)   However, the de-listing of the securities of the Company upon the expiry of 2 market days from the Suspension Date will be deferred pending the decision on the Waiver and Upliftment Application by Bursa Securities.

To this end, Bursa Securities’ decision on the Waiver and Upliftment Application is still pending.

The Board of Awantec also plans to appeal against the suspension in trading of securities of Awantec. An announcement on the appeal against the suspension will be made in due course.

This announcement is dated 19 April 2024.

Announcement Info