Asdion Berhad is seeking a new principal adviser and sponsor for its Guidance Note 3 (GN3) regularisation plan after Kenanga Investment Bank Berhad (Kenanga IB) announced it will step down from the role next week.
The GN3 company said Kenanga IB’s appointment as principal adviser and sponsor will remain effective until July 5, with the investment bank officially ceasing its engagement from July 6.
According to Asdion, Kenanga IB informed the company that the engagement is being concluded following a review of the current progress of the proposed GN3 regularisation plan.
The company said it is in the process of identifying and appointing a replacement principal adviser and sponsor to continue advancing its regularisation exercise.
“Asdion is currently looking for another principal adviser and sponsor for the proposed GN3 regularisation plan and will make the necessary announcement in due course,” the company said.
Asdion has been classified as a GN3 company since July 2024 after triggering the financial distress criteria under Bursa Malaysia’s ACE Market Listing Requirements.
