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- The job, awarded by ANS Development Sdn Bhd, commenced on Nov 10 and is scheduled for completion on Aug 21, 2028.
KUALA LUMPUR (Nov 20): Practice Note 17 (PN17) company Ireka Corp Bhd (KL:IREKA) said it has secured a RM15.5 million subcontract to build a government health clinic and integrated quarters in Mak Mandin, Seberang Perai, Penang.
The job, awarded by ANS Development Sdn Bhd, commenced on Nov 10 and is scheduled for completion on Aug 21, 2028, according to Ireka's bourse filing on Thursday.
Earlier this month, Ireka said it had entered into a non-binding term sheet with China-based Rongyao Investment Chengdu Co Ltd as part of efforts to exit its PN17 status.
Under the proposal, Rongyao will inject cash, strategic assets and lead debt restructuring discussions with major creditors.
The restructuring plan includes an underwritten private placement of new shares representing 10% of Ireka’s existing share base at an indicative price of 30 sen per share, subject to regulatory approval.
The recapitalisation also involves an asset injection of up to RM50 million, to be acquired via new share issuance at a mutually agreed discounted valuation.
Ireka has been classified as a PN17 company since March 2022.
Trading in its securities has been suspended since Oct 3 pending Bursa Securities’ decision on the company’s appeal against de-listing and its request for more time to submit a regularisation plan.
It last traded at one sen, with a market capitalisation of RM2.3 million.
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