PETALING JAYA: Practice Note 17 (PN17) company Ivory Properties Group Bhd
is slated to be delisted from the Main Market of Bursa Malaysia on Oct 14, after the bourse regulator dismissed the company’s appeal for an extension of time to submit its regularisation plan.
In a filing with Bursa Malaysia, the property development and construction firm said it will continue to exist but as an unlisted entity, upon its delisting.
“The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance.
“However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities. The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016.”
Ivory Properties triggered the PN17 criteria in 2022 after its external auditor, Messrs KPMG PLT issued a disclaimer of opinion on the group’s audited financial statements for the financial year ended March 31, 2022.
