KUALA LUMPUR (Dec 7): Ireka Corp Bhd, which announced a slew of new contracts amid shareholder changes in recent months, saw some 21.61 million shares traded off-market, representing some 9% in the construction firm.
The shares were traded in five blocks of between 2.34 million shares and 6.5 million shares at 67 sen per share, for a total of RM14.48 million.
On the open market, Ireka share price also settled at 67 sen, up two sen from the previous close, giving it a market capitalization of RM152.61 million.
It is not known who the buyers and sellers are at the time of writing. Bloomberg data showed that the company’s single largest block of shares which amounts to a 24.55% stake is held by Kenanga Investors Bhd.
Ireka’s previous largest shareholder, the Lai family, still owns a 5.19% stake via Ideal Land Holdings Sdn Bhd, from 39.37% prior to disposals in July this year.
Following the exit of the Lai family from Ireka’s management, the company has announced a slew of appointments to the board, including managing director Mohd Hasnul Ismar Mohd Ismail, chairman Tan Sri Mohd Ismail Che Rus, executive director Simon Chow Sung Chek and chief financial officer Chairil Mohd Tamil.
The company had since announced three contract wins from Wanland Metro Sdn Bhd in Terengganu and Langkawi, Kedah worth a combined RM366.16 million involving construction and infrastructure works.
On Tuesday, Ireka also announced an RM468 million contract from the Terengganu State government to undertake a privatized housing development project in Kemaman.
On Aug 30, Ireka’s external auditor Messrs Crowe Malaysia PLT expressed a qualified opinion in its auditor’s report with indication on material uncertainty on its ability to continue as a going concern in view of its audited financial statements for the financial year ended March 31, 2021 (FY21).
This was due to its inability to determine if any adjustments are warranted over Ireka’s trade balances, as well as the loss-making company’s liabilities, which exceeded its current assets by RM40.24 million.