jvw1520 Only Affected Listed Issuer now till 1 April 2024....not PN 17....your information not true.....Now the right time the company can apply to bursa to be get out of ALI
Exciting News! Awantec has been awarded the 1st Central Government Contract in APAC by Google Cloud recently. This remarkable achievement is a testament to our commitment to excellence and innovation. We're proud to be recognised on such a significant platform, and we couldn't have done it without the hard work and dedication of our incredible team! Thank you to everyone who has been a part of this journey!
MATERIAL LITIGATION The Group has filed and served its Originating Summons (“OS”) dated 15 April 2019 against the Government of Malaysia (“GOM”) as Defendant claiming the amount of RM733 million in relation to the termination of the Sistem Kawalan Imigresen Nasional (“SKIN”) by expropriation. The OS was heard before the High Court on 22 January 2021, 29 January 2021, 26 February 2021, 9 April 2021, 20 May 2021, 2 November 2021, 30 November 2021, 11 March 2022, 25 July 2023, 26 July 2023 and 27 October 2023. The Oral Closing Submission has been fixed on 8 March 2024 by the High Court for the conclusion of the OS. The Group remains positive on the compensation amount based on the formula stipulated under the Concession Agreement. Based on the above, the management is confident that there is no impairment necessary for the period under review. Separately, PSKIN and GOM have also agreed to refer the dispute in respect of PSKIN’s Originating Summons to court-annexed mediation conducted by the Kuala Lumpur Court Mediation Centre (“Mediation Centre”). On 30 October 2019, representatives from PSKIN and GOM (with Parties’ respective Counsel) attended the first mediation session and the Group will continue to pursue mediation in parallel with the OS.
The Oral Closing Submission has been fixed on 8 March 2024 by the High Court for the conclusion of the OS. The case finally came to an end. Awantec seek compensation RM700Million - RM950Million from Government of Malaysia. The amount is 2 times - 3 times market capital of Awantec. The chance of wining the case is very high.
For the win win situation...case finally to an end....NiiSe awarded to Awantech n Skin payment before cancellation RM284 milion paid...This OS case between Awantech n GOM will be closed.
Awantec's unit wins RM4.96m contract from National Water Research Institute of Malaysia
KUALA LUMPUR (March 6): Awanbiru Technology Bhd’s (Awantec) wholly-owned unit has secured a RM4.96 million contract from the National Water Research Institute of Malaysia's (Nahrim) computing solutions and services for climate change research and development.
The contract focuses on the implementation of high-performance computing solutions to run Weather Research and Forecasting (WRF) models in the cloud computing environment, according to Awantec’s stock exchange filing.
The contract spans 30 months, running from March 8 this year until its expiry on Sept 7, 2026.
Awantec saw a steep run in its share price since early February, having appreciated 45% from 33.5 sen on Feb 8 this year. Its share price was unchanged at 48.5 sen on Wednesday, giving it a market capitalisation of RM383.1 million.
Look all government IT services provider such as THETA, HTPADU and EDARAN, all share price from 50sen rise above RM1.00. Awantec is one of the government IT service provider, will it break RM1.00 soon ?
Compensation of 231 mil and 5% interest from 2019 backdated. How much does Awantec owes Creditors. To be fair, pay some to Creditors and give some Dividends to shareholders !! Assuming 20%, 5 % for 4 years till 2024, of 230 mil, is 46 mil. Total is RM 277mil. Share should move as people waited 4 yrs + for compensation.
No of shareholders is 780 million. Company sure will pay some to creditors. Board of Diretors not sure to appeal against decision if it spent more than 230 mil to develop the SKIN system. Anyway, sure to give some dividends to long suffering shareholders also !!!
Finally, Awantec won the legal dispute with GOM. This is the best outcome for Awantec. With an amount of RM231 Million + RM58 million (5% interest for 5 years), Awantec can be moving ahead.
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....
jvw1520
106 posts
Posted by jvw1520 > 2024-02-28 19:44 | Report Abuse
Hi guys …. Any idea that the company can apply to Bursa to be get out of PN17?