Bursa Malaysia Securities Berhad has announced that Ireka Corporation Berhad has since triggered the criteria pursuant to Paragraph 2.1 of Practice Note No. 17 of the Main Market Listing Requirements.
The PN17 prescribed criteria is triggered by the company’s shareholders’ equity on a consolidated basis is 50% or less of its share capital based on the latest quarterly report for the financial period ended 31 December 2021. The company was issued a notice in 2020 on its financial irregularities and was advised by the regulator to have a regularisation plan ready.
Founded in 1967 by Datuk Lai Siew Wah, Ireka started its business as Syarikat Lai Siew Wah, a sole proprietor undertaking general earthworks such as site-clearings and road works construction throughout Malaysia. Ireka Corporation Berhad was listed on the Second Board of Bursa Malaysia on 12 July 1993, and transferred to the Main Market on 13 June 2002. Notable projects include Digi House, Aloft KL Sentral, East Coast Highway, and much more.
The company will now be monitored on its progress by Bursa Securities.