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Penang-based property developer Ivory Properties Group Bhd has appointed Messrs UHY as the company’s new auditor following the resignation of Messrs KPMG PLT.
KUALA LUMPUR (Aug 1): Ivory Properties Group Bhd, whose external auditors have expressed a disclaimer of opinion on the company’s audited financial statements for the financial year ended March 31, 2022 (FY22), is now an affected listed issuer under Practice Note 17 (PN17).
KUALA LUMPUR: Ivory Properties Group Bhd plans to raise about RM14.21mil in a proposed private placement of up to 20% of the total number of issued shares in the company
has entered into a sale and purchase agreement for the acquisition of Copthorne Orchid Hotel & Resort Penang for RM75mil cash. In a filing with Bursa Malaysia, the group said it had purchased the property on behalf of its subsidiary Ivory Utilities Sdn Bhd (IUSB), for the development of a hotel and serviced apartment with an estimated gross development value of about RM410mil. "IUSB will be submitting the proposed development plans to the relevant authorities for approval. "Therefore, it is too preliminary at this stage to ascertain the total development cost and expected profits to be deriv...
The hotel sits on a parcel of freehold land measuring at 2.5 acres, and has ceased operations. Ivory Properties said it is buying the property on behalf of its wholly-owned subsidiary company, Ivory Utilities Sdn Bhd. Both Ivory Properties and Copthorne Orchid Penang Sdn Bhd have inked the sale and purchase agreement for the acquisition today, the group’s bourse filing showed. Copthorne Orchid Penang is an indirect wholly-owned subsidiary of Singapore Exchange’s Main Board listed company, City Development Ltd. Ivory Properties said it plans to develop a hotel and serviced apartments on...