Kuala Lumpur, 09 October 2025 — Bursa Malaysia Securities Berhad (“Bursa Securities”) has announced that Ivory Properties Group Berhad (“Ivory Properties” or “the Company”) will be de-listed from the Official List of Bursa Malaysia on 14 October 2025, following the dismissal of its appeal for an extension of time to submit a regularisation plan.
The decision, made under Paragraph 8.04 of the Main Market Listing Requirements (Main LR), effectively ends the company’s tenure as a publicly traded entity after it failed to meet the prescribed timeline for submitting a viable restructuring proposal to the relevant authorities.
Bursa Dismisses Appeal for Extension
Bursa Malaysia stated that the Company’s appeal for additional time to finalise and submit its regularisation plan was dismissed, leading to the automatic commencement of the delisting process. As a result, Ivory Properties’ shares will be removed from the Official List after two market days from the date of the notice, officially on Tuesday, 14 October 2025.
Consequences of the De-Listing
Following the de-listing, all securities of Ivory Properties currently held in the Bursa Malaysia Depository system will be withdrawn. The Company will assume responsibility for maintaining its shareholders’ register independently.
Despite the removal from public trading, Ivory Properties will continue to exist as an unlisted corporate entity. The company may still conduct its operations, implement restructuring exercises, and undertake corporate activities as usual. Shareholders will retain full ownership rights and entitlements under the Companies Act 2016, but their shares will no longer be quoted or traded on Bursa Malaysia’s exchange.
This development effectively transitions Ivory Properties into a privately-held company, meaning liquidity for existing shareholders will be significantly reduced, and future buyouts or restructuring options will depend on management decisions.
Background: Financial Distress and Regularisation Efforts
Ivory Properties, a Penang-based property developer known for projects such as The Latitude, Penang Times Square, and City Residence, has faced mounting financial strain in recent years amid a challenging property market.
The company was classified as a Practice Note 17 (PN17) issuer, indicating financial distress and requiring it to propose a regularisation plan to restore its financial health and compliance with listing requirements.
The failure to submit such a plan within the stipulated timeline, even after appeals, led Bursa to enforce the de-listing order.
Industry analysts note that while Ivory’s removal from Bursa marks the end of its public market chapter, the company may seek private restructuring or strategic partnerships to stabilise operations and rebuild its property development business outside the exchange framework.
