ASDION had failed appoint a Sponsor following the resignation of Kenanga Investment Bank Berhad as the Principal Adviser and Sponsor for the proposed GN3 regularisation plan effective 6 July 2026 and there was no application for an extension of time to appoint a replacement Sponsor.
In the circumstances and pursuant to Rule 8.04(5) of the ACE LR, please be informed that: -
(a) the trading in the securities of ASDION will be suspended with effect from 14 July 2026; and
(b) the securities of the Company will be de-listed on 16 July 2026 unless an appeal against the de-listing is submitted to Bursa Securities on or before 13 July 2026 ("the Appeal Timeframe"). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.
In the event the Company submits an appeal to Bursa Securities within the Appeal Timeframe, the de-listing of the securities of the Company from the Official List of Bursa Securities on 16 July 2026 will be deferred pending the decision on the Company's appeal. However, Bursa Securities will proceed to suspend the trading of the Company's securities on 14 July 2026 even though the decision on the Company's appeal is still pending.
With respect to the securities of the Company which are currently deposited with Bursa Malaysia Depository Sdn. Bhd. ("Bursa Depository"), the securities will be withdrawn from Bursa Depository by the Company upon the de-listing of the securities from the Official List of Bursa Securities. The Company will continue to update and maintain the shareholders' information in their Register.
Upon the de-listing of the Company, the Company will continue to exist but as an unlisted entity. The Company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the Company's performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities. The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016.