PN17 Ivory Properties faces suspension, de-listing after Bursa rejects extension request

• As a result, trading in Ivory’s securities will be suspended effective Aug 29, and the company will be de-listed on Sept 3, unless an appeal is submitted.

KUALA LUMPUR (Aug 21): Practice Note 17 (PN17) company Ivory Properties Group Bhd (KL:IVORY) announced that Bursa Securities has rejected its application for a further extension of time to submit its regularisation plan.

In a filing with Bursa Malaysia on Thursday, the Penang-based property developer said the rejection came via a letter from Bursa Securities dated the same day. The stock exchange regulator cited Ivory’s failure to demonstrate any material development towards finalising and submitting its regularisation plan as the reason for the decision.

As a result, trading in Ivory’s securities will be suspended effective Aug 29, and the company will be de-listed on Sept 3, unless an appeal is submitted.

The company must submit the appeal to Bursa Securities by Aug 28. If an appeal is lodged within this timeframe, the de-listing will be deferred pending Bursa Securities' decision. Nevertheless, trading of the securities will still be suspended on Aug 29.

Despite the de-listing, Ivory will continue to exist as a legal entity and can carry on its operations and restructuring efforts. Shareholders will retain their rights under the Companies Act 2016, although their shares will no longer be quoted or traded on Bursa Securities.

Ivory triggered 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 (FY2022). The group had reported a net loss of RM79.51 million for FY2022, with liabilities exceeding current assets by RM60.22 million.

Ivory shares were untraded on Thursday. They last closed at 2 sen apiece on Wednesday, giving the company a market capitalisation of RM9.8 million. The stock has fallen by 60% year to date.

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