Awantec Is Committed To Continue Driving Business Growth
MEDIA STATEMENT, 17 August 2023
Statement by Awanbiru Technology Berhad (Awantec – the Company)
1. The Company’s application for an extension of time to submit a regularization plan to Bursa Malaysia was rejected vide Bursa Malaysia’s letter dated 16 August 2023. The Company was also issued a show cause notice to provide written representations within five market days from the date of their letter as to :
(i) why a suspension should not be imposed on the trading of the securities of the Company; and
(ii) why the securities of the Company should not be de-listed from the Official List of Bursa Securities.
2. This application for the extension of time is in reference to our announcement on 29 Jan 2021, where the Company is deemed an Affected Listed Issuer pursuant to Paragraph 8.03A 2(a)(aa) of Main Market Listing Requirements of Bursa Malaysia (“Listing Requirements”) due to the nonrenewal of our major software distribution business.
3. The Company is confident that our transformation journey into the Cloud business, guided by the two pillars, i.e. the Software & services and Talent segments, continues to drive business growth. We remain committed of our investment into the 3Ps - People, Partners, and Products & Services throughout our journey. These principles underpin our growth strategy and future success.
4. The Board and the Management team wishes to assure all shareholders, stakeholders, and the public that the Company is working towards an appropriate reply to the above matters (i) and (ii), and to remain listed, with an appeal to Bursa Malaysia on our regularization plan.
5. The Company has consistently maintained transparency in our disclosures and continues to uphold principles of good corporate governance as evidenced by being a member of the FTSE4Good Bursa Malaysia Index since 2014, achieved The Edge ESG Awards 2022 (Silver), and won the BMI VISA Sustainable Brand Award 2021.
6. Our commitment to ethical and ESG practices ensures that shareholders' interests remain at the forefront of our decision-making processes. We will keep all shareholders, stakeholders, and the public updated on any development on this matter.
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