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IVORY Properties Group Bhd will be suspended and de-listed after Bursa Securities rejected its bid for more time to submit a regularisation plan.
The PN17 company said Bursa’s rejection, received today, cited its failure to show material progress in finalising the plan. Trading in Ivory’s securities will be suspended on Aug 29, with de-listing set for Sept 3 unless it appeals by Aug 28. Even if an appeal is filed, trading will still be halted on Aug 29 pending Bursa’s decision.
Ivory said it will remain a legal entity post de-listing and can continue operations and restructuring, with shareholders retaining rights under the Companies Act 2016.
The Penang-based developer triggered PN17 in 2022 after auditor KPMG issued a disclaimer of opinion on its FY2022 accounts. For that year, it posted a RM79.5 million loss, with liabilities exceeding current assets by RM60.2 million. –TMR
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