Kuala Lumpur, August 25, 2025 — Ivory Properties Group Bhd’s long-time group chief executive officer Datuk Low Eng Hock has resigned with effect from August 22, a day after the company said he was cooperating with authorities investigating the controversial MBI International scheme. Bursa Malaysia Securities ordered a one-hour halt in trading of Ivory’s shares from 9am this morning; trading was scheduled to resume at 10am. In a filing, the Penang-based developer said Low was leaving for “personal reasons” and that he had also relinquished his executive directorship.
The company had earlier clarified that Low was assisting investigators and that, at this juncture, the probe had no financial or operational impact on Ivory. It added that further updates would be provided as material developments arise.
Low’s departure lands just as the PN17-classified developer faces regulatory escalation over its prolonged restructuring. Bursa Securities last week rejected Ivory’s application for more time to submit a regularisation plan, saying the company had not shown material progress. As a result, trading in Ivory’s securities will be suspended on August 29, with delisting slated for September 3 unless the company lodges an appeal by August 28—in which case the delisting would be deferred pending a decision, though the August 29 trading suspension would still take effect.
Ivory’s stock crumpled to a record low of half a sen on Friday in a frenzied sell-off following the regulator’s decision, underscoring investor anxiety over the company’s restructuring odds and the added uncertainty from the MBI probe. Today’s filing also notes that Low holds a 17.25% direct stake (about 84.54 million shares) and an indirect 5.76% interest (about 28.23 million shares). The company has yet to name a successor.
What it means for investors
If Ivory’s appeal succeeds, the company would gain more time to table a plan to exit PN17, but trading will still be suspended from August 29 while the appeal is reviewed. If delisted, Ivory would remain a legal entity and could continue operating and restructuring outside the public markets; shareholders would retain rights under the Companies Act even though the shares would no longer be quoted on Bursa. The immediate catalyst to watch is whether an appeal is filed by Thursday, August 28, and whether the board names an interim leadership team to steady operations as it navigates regulatory and legal headwinds.
