Ireka Corp Bhd will be delisted from the Main Market of Bursa Malaysia on March 10 after the exchange rejected the company’s appeal for additional time to submit its regularisation plan.
In a filing on Thursday, Ireka said Bursa Malaysia Securities had dismissed its request for an extension. The company had previously sought more time to address its Practice Note 17 (PN17) status.
Ireka’s earlier request for an extension was rejected in September last year, which led to the suspension of its shares from Oct 3. Prior to that, Bursa had granted the company five separate extensions to regularise its financial condition.
The construction firm submitted an appeal on Oct 2, a day before the deadline to avoid delisting on Oct 7. However, with the appeal now dismissed, the company will be removed from the exchange after more than three decades on the market. Ireka has been listed on Bursa Malaysia since July 1993.
Ireka was classified as a PN17 company in March 2022 after Bursa rejected its application for an extension of the Covid-19 relief period. The classification came after the company’s shareholders’ equity fell below 50% of its issued capital, triggering the financially distressed status.
The group has recorded losses for most of the past several years, beginning from the financial year ended March 31, 2019 (FY2019). After changing its financial year-end to June in 2022, Ireka returned to profitability with a net profit of RM67.24 million for FY2023.
However, the company slipped back into losses in the following years, posting net losses of RM59.56 million in FY2024 and RM17.54 million in FY2025.
Ireka also faced a major setback in July last year when its RM1.07 billion subcontract for Phase 1B of the Pan Borneo Highway project in Sabah was terminated. The termination followed funding issues and the withdrawal of the project’s main contractor.
The company has disputed the termination, stating that part of the work had already been completed and that payment terms had yet to be finalised.
Ireka shares were last traded on Oct 2, closing at one sen, giving the company a market capitalisation of about RM2.28 million.
