Ireka's Securities To Be Suspended Oct 3; Faces De-listing From Bursa On Oct 7

KUALA LUMPUR, Sept 25 (Bernama) -- Bursa Malaysia Securities Bhd will be suspending the trading of Ireka Corporation Bhd’s (ICB) securities effective Oct 3, 2025.

In a filing with Bursa Malaysia today, the company said the exchange has rejected ICB’s application for a further extension of time to submit its regularisation plan. 

Unless an appeal is submitted on or before Oct 2, the company’s securities would be delisted from the Official List of Bursa Malaysia on Oct 7.

According to Bursa Malaysia, any appeal submitted after the stipulated timeframe will not be considered. If an appeal is made within the timeframe, the de-listing would be deferred pending a decision. 

"However, Bursa Securities will proceed to suspend the trading of the company’s securities on Oct 3, even though the decision on the company’s appeal is still pending," said ICB. 

Once delisted, ICB’s securities will be withdrawn from Bursa Malaysia Depository Sdn Bhd, with the company continuing to maintain its shareholders’ information in its register.

ICB added that it would continue to exist as an unlisted entity and remain able to operate and pursue corporate restructuring. 

Shareholders’ rights would remain safeguarded under the Companies Act 2016, although their shares will no longer be quoted or traded on Bursa Malaysia.

In a filing with Bursa Malaysia on Tuesday, the company reported that it had defaulted on loan repayments totalling RM1.04 million to Hong Leong Bank Bhd (HLBB) and AmBank (M) Bhd.

ICB said the default relates to financing facilities originally granted to its former wholly-owned subsidiary, Ireka Engineering & Construction Sdn Bhd (IECSB), which has ceased operations.

-- BERNAMA