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Property News

AmBank files petition to wind up Ireka Corp

KUALA LUMPUR (Jan 10): AmBank (M) Bhd has filed a petition to wind up Ireka Corp Bhd as the property developer defaulted in debt payment of RM4.34 million on Dec 12, 2023.
In a filing to Bursa Malaysia, Ireka said it has received the winding-up petition on Jan 8 served by AmBank via its solicitors, Messrs Heiley Hassan, Tan & Partners.
The petition was served in relation to the group’s indebtedness to AmBank (M) Bhd for the amount as of Dec 12, 2023. following a judgement obtained by the petitioner at the High Court.
“The operations of the company will cease if it fails to defend itself in the petition,” Ireka said in the filing.
The developer noted that it is engaging with the petitioner with a view to seek a settlement of the debt.
The petition is fixed for hearing on April 17, according to the filing.
The property developer has been loss-making for three consecutive quarters since the financial quarter ended on March 31, 2023 (3QFY2023).
Ireka reported a net loss of RM4.07 million in the first financial quarter ended Sept 30, 2023 (1QFY2024) against net profit of RM172.99 million in the previous corresponding period.
Quarterly revenue came in higher at RM69.43 million from RM11.86 million previously.
As of Sept 30, the group has a cash balance of RM3.76 million with a short term borrowing of RM10.06 million and long term borrowings of RM71.99 million.
Shares in Ireka fell half a sen to 47.5 sen, valuing the company at RM108.2 million.
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Source: EdgeProp.my

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