KUALA LUMPUR — Bursa Malaysia Securities has publicly reprimanded Ireka Corporation Berhad and seven of its directors for breaches of the Main Market Listing Requirements (Main LR), while imposing total fines of RM425,000 on the directors.
In a statement today, Bursa Malaysia Securities said Ireka committed breaches involving disclosures related to a letter of award (LOA), failure to announce delays in executing Articles of Agreement (AOA), and delays in disclosing the termination of a project-linked agreement.
The exchange said Ireka’s announcement dated Oct 8, 2024 concerning a RM1.07 billion subcontract for the Pan Borneo Sabah Phase 1B project failed to contain sufficient and accurate information for investors.
According to Bursa Malaysia Securities, the company also failed to immediately announce that the AOA had not been executed within the stipulated period and did not promptly disclose the loss of the LOA following the termination of a Project Operation Management Agreement on June 30, 2025.
Bursa Malaysia Securities said Ireka only announced on July 28, 2025 that it had received a notice proposing mutual termination of the LOA.
The seven directors penalised were Datuk Mohd Hasnul Ismar Mohd Ismail, Chairil Mohd Tamil, Chow Sung Chek Simon, Tan Sri Mohd Ismail Che Rus, Dato’ Azmi Abdullah, Shahruladeri Mohamad Adnan and Norhaizam Mohammad.
Bursa Malaysia Securities said the findings and penalties were imposed after taking into account the materiality of the breaches, their impact on investors and shareholders, and the roles and responsibilities of the directors involved.
The exchange added that timely, full and accurate disclosure of material information was essential in maintaining market integrity and investor confidence. —Bursa Malaysia
