Ivory Properties joins 27 companies on PN17 list

by S BIRRUNTHA / pic credit ivory.com.my

BURSA Malaysia Securities Bhd has placed Ivory Properties Group Bhd under the Practice Note No 17 (PN17) category of financially troubled companies.

On July 29, the group filed the first announcement that it had triggered the prescribed criteria pursuant to PN17 rules of the Main Market listing requirements of Bursa Malaysia Securities Bhd.

The PN17 prescribed criteria were triggered as lvory’s external auditors, Messrs KPMG PLT, expressed a disclaimer of opinion in the company’s audited financial statements for the financial year ended March 31, 2022.

“The board is taking the necessary steps to formulate a (regularisation) plan to address the company’s PN17 status and will make the necessary announcements on the plan in due course,” it said.

Ivory Properties is a property development group in Northern Malaysia.

With this latest addition to PN17, there are a total of 27 companies under PN17 and GN3 (Guidance Note 3), according to Bursa Malaysia on Monday.

List of companies under PN17 are Scomi Energy Services Bhd, Serba Dinamik Holdings Bhd, Iqzan Holding Bhd, Jerasia Capital Bhd, Bertam Alliance Bhd, Asia Media Group Bhd, Khee San Bhd, China Automobiles Parts Holding Ltd, Propel Global Bhd, Dolomite Corp Bhd, Ireka Corp Bhd, Sapura Energy Bhd, TH Heavy Engineering Bhd, Perak Corp Bhd, Divfex Bhd, AirAsia X Bhd, Top Builders Capital Bhd, Comintel Corp Bhd, FSBM Holdings Bhd, Barakah Offshore Petroleum Bhd, EA Technique (M) Bhd, Konsortium Transnasional Bhd, G Neptune Bhd, Seacera Group Bhd, Scomi Group Bhd, Malaysia Pacific Corp Bhd, and Capital A Bhd.