Asdion gets six-month extension to submit GN3 regularisation plan

KUALA LUMPUR: Malaysian financial firm Asdion Bhd has received a six-month reprieve from delisting after Bursa Malaysia Securities granted the company an extension until January 31, 2027, to submit its regularisation plan. The extension came after Asdion's failure to appoint a replacement sponsor for its Guidance Note 3 (GN3) status.

Bursa also provided Asdion with three months to select a new sponsor, which expires on October 31. The extensions were necessary as Asdion had been at risk of being removed from Bursa Malaysia's ACE Market due to the lack of a sponsor for its regularisation plan. The company's principal adviser, Kenanga Investment Bank, had resigned, leaving Asdion without a sponsor to submit its plan.

Initially, trading in Asdion's shares was suspended, with delisting set for July 16, but the company had appealed against the decision. Under the latest ruling, Asdion will be delisted if it fails to appoint a replacement sponsor by October 31 or submit its regularisation plan by January 31, 2027. Failure to implement the approved plan or secure an appeal within the set timeframe would also result in delisting, with Asdion's shares being removed from Bursa's official list two market days after notification or on another specified date.

Asdion has been a GN3 company since August 2024, as its auditors raised concerns over its ability to continue as a going concern.