Reference is made to the Ivory Properties Group Berhad’s (“IPGB” or “the Company”) First Announcement on 29 July 2022 and the subsequent monthly announcements made by the Company in relation to the Company being classified as an affected listed issuer under Practice Note 17 and the Company’s First Announcement dated 31 May 2023 after triggering Paragraph 8.03A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the announcement made on 25 July 2023 on the appointment of M&A Securities Sdn. Bhd. as the Principal Adviser to IPGB for the application of extension of time to submit the regularisation plan of the Company (“EOT Application”), the announcement made on 27 July 2023 on IPGB’s EOT Application to Bursa Securities, and the announcement made on 18 September 2023 on Bursa Securities’ decision to grant IPGB an extension of time of 6 months up to 28 January 2024 to submit the Company’s regularisation plan to the regulatory authorities.

The Board of Directors of the Company wishes to announce that in addition to the appointment of M&A Securities Sdn. Bhd. as the Principal Adviser to IPGB for the EOT Application, Ivory Gleneary Sdn. Bhd. (“IGSB”), a wholly-owned subsidiary of the Company has appointed Baker Tilly Insolvency PLT to act as Scheme Advisor of IGSB to assist with the formulation of a restructuring plan for IGSB in accordance with the provision of the Companies Act 2016 to restructure IGSB’s financial obligations.

Details of the proposed regularisation plan shall be announced in due course.

This announcement is dated 10 January 2024.