The counter jumped as much as 18.5 sen or 73% to 44 sen shortly after the opening bell. However, it pared its gains by the midday break, but was still up 14.5 sen or 56.9%, valuing the group at RM316 million.
It was the 11th most traded stock on Bursa Malaysia with 33.7 million shares changing hands.
In a Bursa Malaysia filing last Friday, Awantec announced Bursa Securities had granted its application for a waiver from submitting a regularisation plan, as required under Bursa’s Listing Requirements.
The stock had fallen as much as 62% this year, plunging to a two-year low of 15 sen on April 19 after announcing Bursa Securities would suspend trading of its shares on April 26 for failing to submit its regularisation plan within the deadline.
Prior to the suspension, the company formerly known as Prestariang Bhd said it had applied to regulators for a waiver from the requirement to submit a regularisation plan, citing improvements in financial performance.
The company said it has undertaken a “self-regularisation plan” and its existing business has demonstrated viability and sustainability.
Awantec pointed to having recorded two consecutive quarters of profits, secured new orders and is building a healthy order book to ensure sustainability.
For the third quarter ended March 31, 2024 (Q3 FY2024), it posted a net profit of RM2.14 million from a RM1.99 million net loss a year earlier, with revenue jumping to RM55.77 million from RM8.51 million.
Its cumulative nine-month net profit touched RM3.33 million as revenue more than doubled to RM84.39 million from RM34.6 million previously.
On March 14, the Kuala Lumpur High Court awarded Awantec RM231.55 million in its lawsuit against the government over the termination of the RM3.5 billion National Immigration Control System (SKIN).
Its wholly owned unit, Prestariang Skin Sdn Bhd (PSKIN), bagged the project in August 2017 under the then Barisan Nasional government to replace the Malaysian Immigration System (myIMMs).
However, in December 2018, the new Pakatan Harapan government decided to scrap the project for a new system, prompting PSKIN to file the suit against the government. However, the court’s award was less than its RM723 million claim.