“Bursa rejects Ivory Properties’ extension to submit PN17 regularisation plan. Trading suspension starts Aug 29, with possible de-listing on Sept 3 unless the group appeals.”
Kuala Lumpur, 22th August 2025, 12.45pm – Ivory Properties Group Bhd, a Practice Note 17 (PN17) company, announced that Bursa Malaysia Securities has rejected its application for more time to submit a regularisation plan, placing the Penang-based property developer on track for suspension and potential de-listing.
In a filing on Thursday, Ivory said Bursa’s decision was conveyed via a letter dated the same day, citing the group’s failure to show material progress towards finalising its restructuring proposal.
Suspension and Possible De-Listing
Following the rejection:
- Trading of Ivory’s shares will be suspended on Aug 29.
- The company will be de-listed on Sept 3, unless an appeal is lodged.
Ivory has until Aug 28 to submit an appeal. If it does, de-listing will be deferred pending Bursa’s review, although the trading suspension will still take effect on Aug 29.
Company Status After De-Listing
Ivory stressed that even if de-listed, the group will continue as a legal entity and may carry on with its restructuring efforts. Shareholders will retain their rights under the Companies Act 2016, though their shares will no longer be quoted or traded on Bursa Malaysia.
PN17 Trigger and Financial Woes
The group fell into PN17 status in 2022 after auditor KPMG PLT issued a disclaimer of opinion on its audited financial statements for FY2022. Ivory had reported a net loss of RM79.51 million and liabilities that exceeded current assets by RM60.22 million for the financial year ended March 31, 2022.
Market Reaction
Ivory shares were untraded on Thursday. The counter last closed at 2 sen on Wednesday, valuing the group at RM9.8 million. The stock has tumbled by 60% year to date.
