Bursa Securities rejects Awanbiru's request for extension of time

KUALA LUMPUR: Bursa Malaysia Securities Bhd has rejected Awanbiru Technology Bhd’s application for an extension of time to submit its regularisation plan, leaving the latter with a possible delisting of its securities.

The reason behind the rejection is that Awanbiru has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan to the regulatory authorities.

The regulator has also issued a show cause notice to Awanbiru to furnish it with representations by Aug 23 as to why a suspension should not be imposed on the trading of the securities of the company, as well as why Awanbiru should not be delisted from the local bourse.

"Further announcement(s) will be made to Bursa immediately upon any development/update in the matter," it added.