The Board of Directors of IREKA wishes to announce that the Company has triggered the Suspended Criteria pursuant to Bursa’s letter dated 16 April 2020, where IREKA's shareholders’ equity on a consolidated basis is 50% or less of its share capital. IREKA's shareholders’ equity on a consolidated basis as at 31 March 2020 is 42.67% of its share capital.  Accordingly, IREKA's external auditors, Messrs RSL PLT, have issued an unqualified audit opinion with indication on material uncertainty relating to going concern ("MUGC") in respect of IREKA's audited financial statements for the financial year ended 31 March 2020.

Bursa had via its letter dated 16 April 2020 granted affected listed issuers relief from complying with the obligations under Paragraph 8.04 and Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa (“Main LR”) (“PN17 Relief Measures”) from 17 April 2020 to 30 June 2021 (“Relief Period”).

For avoidance of doubt, IREKA will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to Paragraph 8.04 and PN17 of the Main LR for a period of 12 months from the date of this announcement. The Group is currently undertaking a demerger transaction with Aseana Properties Limited as announced on 16 July 2020, and plans to implement a re-capitalisation exercise to increase the capital base of the Company, after completion of the demerger transaction.

This announcement is dated 27 August 2020.