KUALA LUMPUR (May 13): AwanBiru Technology Bhd (KL:AWANTEC) resumed trading on Monday, surging almost 73% after Bursa Malaysia lifted its affected listed issuer status and suspension on the trading of its shares.

Awantec gained as much as 18.5 sen to 44 sen during intraday, its highest since March 13, 2024. It closed 39.5 sen at the closing bell — up 14 sen or 55% — valuing the information and communications technology software firm, formerly known as Prestariang Bhd, at RM306.01 million.

About 36.94 million shares have changed hands, more than five times its 200-day trading volume of 5.87 million.

No institutional analyst covers the stock.

Awantec was classified as an affected listed issuer in January 2021 following the termination of its wholly owned subsidiary Prestariang Systems Sdn Bhd’s membership in the Microsoft Partner Network.

The stock had fallen as much as 62% and bottomed to a two-year low of 15 sen on April 19 after the company announced that regulators would suspend its stock on April 26 for failing to submit its regularisation plan for approval within the deadline set by regulators.

Prior to the suspension, the company said it had applied to the regulators for a waiver from the requirement to submit a regularisation plan, citing improvements in financial performance.

The company stated that it has undertaken a self-regularisation plan and its existing business has demonstrated viability and sustainability. To substantiate its claim of self-regularisation, Awantec said it has recorded two consecutive quarters of profits, secured new orders and is building a healthy order book to ensure sustainability.

All in all, Awantec has recorded profits for four consecutive quarters. For the third quarter ended March 31, 2024, the company posted RM2.14 million in net profit against RM1.99 million net loss a year earlier, as revenue surged over six-fold to RM55.77 million from RM8.51 million.

This brought its net profit for the nine-month period to RM3.33 million on the back of RM84.39 million revenue.

Last March, the company won a suit against the government for cancelling the RM3.5 billion National Immigration Control System (SKIN) project contract and was awarded RM231.5 million, less than its RM723 million claim.

Awantec’s largest shareholder is Areca Dynamic Growth, which holds a 13.06% stake, followed by Eco Cloud Assets Sdn Bhd (10.1%).