Ireka Corp plunges 83% as delisting looms

KUALA LUMPUR: Ireka Corp Bhd tumbled 83% in early trade on Friday after Bursa Malaysia rejected its request for more time to submit a recovery plan, paving the way for its delisting on Oct 7.

The Practice Note 17 company plunged 83.33%, or 10 sen to two sen at 9.21 am. It was among the most actively traded counters, with 19.18 million shares changing hands.

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.

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

The default relates to financing facilities originally granted to its former wholly-owned subsidiary, Ireka Engineering & Construction Sdn Bhd (IECSB), which has since been wound up.

As of Sept 23, 2025, the outstanding amounts were RM675,000 with Hong Leong Bank and RM364,962.88 with AmBank.