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- Ivory Properties will continue to operate as an unlisted entity following its delisting. The group noted that its shareholders’ rights under the Companies Act 2016 remain intact, but their shares will no longer be quoted or traded on Bursa Malaysia.
KUALA LUMPUR (Oct 9): Practice Note 17 (PN17) company Ivory Properties Group Bhd (KL:IVORY) will be delisted from the Main Market of Bursa Malaysia next Tuesday (Oct 14), after the stock exchange rejected its appeal for more time to submit a regularisation plan.
“In the circumstance, the securities of the company shall be removed from the official list of Bursa Securities upon the expiry of two market days from the date hereof, ie on 14 October 2025,” the Penang-based property developer said in its bourse filing.
Ivory Properties will continue to operate as an unlisted entity following its delisting. The group noted that its shareholders’ rights under the Companies Act 2016 remain intact, but their shares will no longer be quoted or traded on Bursa Malaysia.
The Penang-based developer triggered PN17 status in 2022 after its external auditor, Messrs KPMG PLT, issued a disclaimer of opinion on its audited financial statements for the financial year ended March 31, 2022 (FY2022). That year, the group posted a net loss of RM79.51 million, with liabilities exceeding current assets by RM60.22 million.
In August, group chief executive officer and executive director Datuk Low Eng Hock resigned, citing personal reasons. His resignation came amid reports linking him to investigations into the MBI Group investment scheme, allegedly orchestrated by Malaysian businessman Tedy Teow Wooi Huat, said to have defrauded over two million investors in China. Ivory Properties disclosed that Low was cooperating with authorities regarding the matter.
Low remains a substantial shareholder in Ivory Properties, holding a 17.25% direct stake and an indirect 5.76% interest. He is also the father of executive director Low Wei Shane and husband of Datin Khoo Siew Siew, another substantial shareholder.
As at end-June, Ivory Properties’ cash and bank balances stood at RM1.54 million, versus RM56.86 million in debt. Its accumulated losses totalled RM181.32 million.
Shares of Ivory Properties last traded at half a sen on Thursday, giving it a market capitalisation of just RM2.5 million.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
