Ireka the latest addition to PN17 list

KUALA LUMPUR: Ireka Corp Bhd has become the latest company to be classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements (MMLR).

In a filing with Bursa Malaysia, the construction and property developer said it triggered the prescribed criteria under Paragraph 2.1(e) of the PN17.

“The PN17 prescribed criteria is triggered as the company’s external auditors, Messrs Crowe Malaysia PLT, have issued a qualified opinion with indication on material uncertainty relating to going concern in respect of the company’s audited financial statements for the financial year ended March 31, 2021 and the company’s shareholders’ equity on a consolidated basis is 50% or less of its share capital as announced on Aug 27, 2020,” Ireka said.

Ireka said it was looking into formulating a plan to regularise its financial condition and the announcement on the same will be made in due course.

As at March 1, there are a total of 29 companies under PN17 and GN3 which represent 3.13% of the total number of 926 companies listed on the Main and ACE Markets of Bursa Securities.