Ireka to be delisted from Main Market

PETALING JAYA: Practice Note 17 company Ireka Corp Bhd is slated to be delisted from the Main Market of Bursa Malaysia on Oct 7, after its bid for a further extension to submit its regularisation plan was rejected by the bourse regulator.

In a filing with Bursa Malaysia, the construction and engineering company said trading in its securities will be suspended with effect from Oct 3, unless an appeal against its de-listing is submitted to Bursa Securities on or before Oct 2.

“Upon the delisting of the company, the company will continue to exist but as an unlisted entity.

“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.”

Earlier this week, the company announced that it had defaulted on loan repayments totalling RM1.04mil owed to Hong Leong Bank Bhd and AmBank (M) Bhd.