Ireka gets 6-month extension to submit PN17 regularisation plan

Bursa Securities has approved Ireka’s application to submit its regularisation plan by Feb 29, 2024.

Ireka triggered the PN17 criteria in February 2022 as its shareholders’ equity was 50% or less than its share capital.

The filing said Bursa Securities reserves the right to suspend the trading of its shares and de-list the company if it fails to:Obtain the approval from any of the regulatory authorities for the implementation of its regularisation plan; orIn another bourse filing yesterday, Ireka said its external auditors, Baker Tilly Monteiro Heng PLT, expressed a disclaimer of opinion on its audited financial statements for the year ended June 30, 2023.

The two banks claimed RM4.24 million from the group, comprising a claim on overdraft facilities amounting to RM3.1 million and a claim on revolving credit amounting to RM1.14 million. It stated Ireka had triggered the PN17 criteria in February last year as the group’s shareholders’ equity was 50% or less than its share capital.

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