Bursa Securities said its rejection of AwanBiru Technology Bhd’s application for a further extension of time to submit its regularisation plan to the relevant authorities was because the company has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan.

KUALA LUMPUR (Aug 16): AwanBiru Technology Bhd (Awantec) said Bursa Securities has rejected the company’s application for a further extension of time to submit its regularisation plan to the relevant authorities.

The rejection was because the company has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan, said ICT software service provider in a bourse filing on Wednesday (Aug 16).

Awantec (formerly known as Prestariang Bhd) was required to submit a regularisation plan after being classified as an affected listed issuer in January 2021, following the termination of the membership of its wholly-owned unit Prestariang Systems Sdn Bhd in the Microsoft Partner Network by Microsoft.

On Feb 13 this year, Bursa had granted Awantec a six-month extension until July 28 to submit its regularisation plan. On July 21, Awantec applied for a further extension to submit the regularisation plan, which has now been rejected.

Bursa Securities on Wednesday also issued a show-cause notice to Awantec, asking the company to provide its representations by Aug 23 as to why a suspension should not be imposed on the trading of the company's shares, as well as why Awantec should not be delisted from the local bourse.

"Further announcement(s) will be made to Bursa Securities immediately upon any development/update in respect of the above," the company added.

Shares of Awantec fell 3.61% or 1.5 sen to 40 sen, giving the company a market capitalisation of RM315.96 million.