News

Paragraph/Rule 8.03A Companies : Monthly Announcement

BackMay 03, 2024
Type Announcement
Subject PARAGRAPH/RULE 8.03A COMPANIES
MONTHLY ANNOUNCEMENT
Description

AWANBIRU TECHNOLOGY BERHAD ("AWANTEC" OR "THE COMPANY") - MONTHLY ANNOUNCEMENT ON THE STATUS OF PLAN TO REGULARISE THE FINANCIAL CONDITION OF THE COMPANY PURSUANT TO PARAGRAPH 8.03A OF THE BURSA MALAYSIA SECURITIES BERHAD MAIN MARKET LISTING REQUIREMENTS

 
We refer to our first announcement dated 29 January 2021 and subsequent announcements in relation to the Company triggering the prescribed criteria pursuant to Paragraph 8.03A 2(a)(aa) of Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“Listing Requirements”), in particular our announcements dated 19 April 2024 and 22 April 2024, respectively.

The Company had on 8 April 2024 made an application to Bursa Securities for the following: -

(i) a waiver from having to submit and implement 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) as required under Paragraph 8.03A(3) of the Listing Requirements. As part of the said application, the Company has provided the following to justify that it has undertaken a ‘self regularisation plan’ demonstrating that its existing business is viable, sustainable and has growth prospects:

1. Two (2) 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.

(ii) an upliftment of Awantec from being classified as an affected listed issuer pursuant to paragraph 8.03(A) 2(a)(aa) of the Listing Requirements (“Waiver and Upliftment Application”).

On 18 April 2024, Bursa Securities had informed that the trading in the securities of Awantec will be suspended with effect from 26 April 2024 ("Suspension") even though the decision on the Waiver and Upliftment Application is still pending.

The Company had on 19 April 2024 appealed Bursa Securities' decision on the Suspension on the grounds that the Company has demonstrated that its current business operations are viable, sustainable, and have growth prospects (“Appeal against Suspension”). Bursa Securities has informed the Company on 22 April 2024 that the Appeal against Suspension will be escalated to the relevant regulatory committee of Bursa Securities for deliberation and decision, and the Company will be informed of the outcome in due course.

Notwithstanding the Appeal against Suspension, the trading in the securities of Awantec had been suspended on 26 April 2024.

We will make the relevant announcement in relation to the latest development in accordance with the requirements under Paragraph 8.03A of the Listing Requirements.

This announcement is dated 3 May 2024.

Announcement Info

Company Name AWANBIRU TECHNOLOGY BERHAD
Stock Name AWANTEC
Date Announced 03 May 2024
Category General Announcement for PLC
Reference Number GA1-03052024-00023