News

We refer to the announcements dated 15 September 2020 and 23 December 2020 in relation to the termination of the Company’s wholly-owned subsidiary Prestariang Systems Sdn Bhd (“PSSB”)’s membership in the Microsoft Partner Network (“MPN”) by Microsoft effective 31 January 2021 (the “Effective Date of Termination”). Following the Effective Date of Termination, PSSB may no longer carry out the business of providing Microsoft products and services.

Based on the audited financial statements as at 30 June 2020, the revenue contributed by Microsoft products and services amounted to RM139.98 million or 90.87% of the consolidated revenue of AWANTEC, and based on unaudited financial statements as at 30 September 2020, the revenue contributed by Microsoft products and services was RM33.15 million or 93.39% of the consolidated revenue of AWANTEC.

Accordingly, the Board of Directors of AWANTEC wishes to announce that following the Effective Date of Termination, AWANTEC is an Affected Listed Corporation pursuant to Paragraph 8.03A 2(a)(aa) of Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“Listing Requirements”) whereby a listed corporation may not have a level of operations that is adequate to warrant continued trading or listing on the Official List as a result of cancellation, loss or non-renewal of a licence, concession or such other rights necessary to conduct its business activities. The above termination by Microsoft will result in the loss of business that contributes or generates 70% or more of the revenue on a consolidated basis based on AWANTEC’s latest audited financial statements as at 30 June 2020 or its unaudited financial statements as at 30 September 2020.

Please refer to the attached files for full text of announcement and press release.

This announcement is dated 29 January 2021.