KUALA LUMPUR: Asdion Bhd
’s securities will be suspended from trading on July 14, with the company set to be delisted from Bursa Malaysia’s ACE Market on July 16 after it failed to appoint a replacement sponsor for its Guidance Note 3 (GN3) regularisation plan following the resignation of Kenanga Investment Bank Bhd.
In a filing with Bursa Malaysia today, it was stated that the software developer failed to appoint a replacement sponsor after Kenanga ceased acting as its principal adviser and sponsor, effective immediately. Additionally, the developer did not apply for an extension of time.
"Under Rule 8.04(5) of the ACE Market Listing Requirements, Asdion may avoid delisting only if it submits an appeal by July 13.
"If the company submits an appeal to Bursa Securities within the appeal timeframe, the de-listing will be deferred pending the appeal decision, although trading in the company’s securities will remain suspended from July 14,” said Bursa Malaysia.
The exchange said that upon the de-listing of Asdion, it will continue to exist but as an unlisted entity and may proceed with its operations and corporate restructuring.
"However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities, while the interests and rights of the shareholders will remain safeguarded under the Companies Act 2016,” it said.
Asdion was classified as a GN3 company in August 2024 after its external auditors highlighted material uncertainty over its ability to continue as a going concern.
On July 3, 2026, the company announced that Kenanga had decided to cease acting as its principal adviser and sponsor after reviewing the progress of its proposed regularisation plan. - Bernama
