So many people in this Forum seems to be saying that AwanBiru is gone case, will be delisted and etc. How come still in this forum. If I think no hope, I would have sold and move on.
Something doesn't add up. Apa salah company ni sampai kena macam ni? Tak hantar report je pun. Kesian dekat investor. Give up bursa la. SC pun apa guna, tak protect investor. crypto yang banyak rugpull pun tak macam ni.
This article first appeared in The Edge Malaysia Weekly on August 21, 2023 - August 27, 2023
When a company is taken off Bursa Malaysia because it has an inadequate level of business to justify its listing, the affected parties are the minority shareholders. They are forced into a position of disadvantage because an unlisted entity does not come under the oversight of a body such as Bursa or the Securities Commission Malaysia (SC).
For example, the minorities of Nylex (Malaysia) Bhd and Awanbiru Technology Bhd (Awantec) saw 50% of the paper wealth of their investments in these companies wiped out last week. This was after Bursa rejected the appeals of the companies for an extension of time to submit a regularisation plan to get a core business.
Awantec has been without a core business to sustain its operations since December 2020 after Microsoft terminated its membership of the partner network. This was a second setback for Awantec, previously known as Prestariang Bhd.
In December 2019, the Pakatan Harapan government terminated the company’s 15-year concession to design and maintain a new immigration border system. Awantec is seeking compensation of up to RM922 million for the termination. The suit is still pending.
Also, Awantec, through its subsidiary Prestariang Sdn Bhd, is one of the three companies with the mandate to manage the migration of government data to the cloud.
As for Nylex, it has been without a core business since January last year after it disposed of its assets and liabilities to Ancom Bhd in a merger exercise. Nylex is an empty shell without any core business at the moment.
Nevertheless, it is supposed to be the vehicle for a proposed light rail transit (LRT) system to be built in Johor.
Neither Awantec nor Nylex is financially distressed. The issue at hand is that the companies do not have
an adequate level of business to continue as listed entities.
In this respect, the boards have the fiduciary duty to cast their net wide to help the companies get a core business to fulfil Bursa’s requirement. If they are unable to get a core business, the losers will be the minorities. And the boards should be brought to task.
The regulators should protect the minorities. But by delisting the companies, they are doing just the reverse.
fundamentally its not making profit in the current financial year, and technically, even if its cheap, the downtrend is still strong. Id be selling all I have until its confirmed with the listing status and start to stabilize again.
its best to sell now than getting stucked with a suspended/delisted company. Awantec had almost 3 years to put things in order but they didnt and now facing uncertain times ahead with this delisting danger. I pity all those minority shareholders who will be at the losing end
As im also think as some here AWANTEC should not delisted just because failed to submit regularization plan, but thinking again why extension and extension still cannot submit?
if to stay, im figure how much the counter will increase IF not delisted? 0.28? 0.32? maybe 0.4 many months later? then i rather sell now than loss all
Ya, currently I dont see they got good fundamental business model. How can they assure their Cloud business can compete with so many big players in market?
Awantec was also issued a show-cause notice by Bursa, where it is required to provide written representations within five market days from Wednesday to explain why its securities should not be suspended from trading and delisted. ie 23 Aug 2023. Last Day. Those see no hope got last chance to sell
As if so difficult to write. Chat GPT can even write a very professional business plan. Just probe it stage by stage. They purposely wait for last day for the Doomsday man to sow panic and sell cheap
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
helangtua
78 posts
Posted by helangtua > 2023-08-18 15:56 | Report Abuse
Teknik harapan je yang mampu menyelamatkan pedagang