Awantec shares rose 49% as its listed issuer status was affected and trading suspension was lifted

KUALA LUMPUR: Shares in Awanbiru Technology Bhd (Awantec) resumed trading on Monday, rising 49% after Bursa Malaysia removed its affected listed issuer status and suspended trading in its securities.

The ICT software services provider’s trading stock opened 12.5 sen higher from its last trading price of 25.5 sen on April 26 at 38 sen per share.

At 9:40 a.m., the stock rose 14.5 sen or 56.86% to 40 sen per share, with 22.21 million shares changing hands.

In a filing with Bursa Malaysia last Friday, Awantec said that Bursa Malaysia Securities had granted it an exemption from compliance with Paragraph 8.04(3)(a) of the Main Market Listing Requirements, which applies to an affected listed issuer under Paragraph 8.03A of the requires main market listing requirements to submit a regularization plan to Bursa Securities.

Awantec was classified as an affected listed issuer in January 2021 after its wholly owned subsidiary Prestariang Systems Sdn Bhd terminated its membership in the Microsoft Partner Network.

The company’s shares were suspended from trading on April 26 this year for failing to submit a regularization plan within the stipulated deadline.

As of May 7, the company had filed its results for the third quarter ended March 31, 2024 with Bursa Malaysia, recording a net profit of RM2.14 million, compared to a net loss of RM1.99 million in third quarter of fiscal year 23.

Awantec’s revenue was RM55.77 million compared to RM8.51 million in the comparable quarter, with earnings per share of 0.27 sen compared to loss per share of 0.25 sen.

Cumulatively, the company’s three-quarter net profit was RM3.33 million against a net loss of RM6.3 million in FY23, while revenue was RM84.39 million against RM34.6 million in the comparable period .