Latest news with #IrekaCorpBhd
New Straits Times
31-07-2025
- Business
- New Straits Times
Ireka shares surge 66pct, extending meteoric two-day rally
KUALA LUMPUR: Ireka Corp Bhd saw its share price soar by as much as 66 per cent during morning trade today, continuing its meteoric rally following a 63.89 per cent gain the previous day. The stock climbed 66 per cent to 30 sen during the morning session from its previous close of 18 sen. Yesterday, Bursa Malaysia issued an unusual market activity (UMA) query to the company in response to the sharp rise in both price and trading volume of Ireka shares on July 30, 2025. The market regulator has requested the company to disclose any material developments, rumours, or other factors that may explain the unusual trading activity. As of press time, Ireka has not responded to the query. Bursa said the company's response will be made available on its official website under the company announcements section once received. The surge in share price comes amid ongoing corporate developments involving a major infrastructure contract. On July 28, Ireka received a notice of mutual termination concerning its RM1.07 billion subcontract with Gammerlite Sdn Bhd for the Pan Borneo Highway project, following upstream funding constraints and the exit of the main contractor. The termination proposal was triggered by the lapse of a project operation agreement between main contractor MTD Construction Sdn Bhd and Sabah-based Gammerlite, which was terminated on June 30 due to Gammerlite's failure to secure the necessary funding. On July 8, Ireka received a mutual termination notice from Gammerlite. Ireka, however, objected to the termination and is currently seeking legal advice to evaluate avenues for cost recovery and fair compensation. "The company is pursuing an equitable settlement for work performed and costs incurred and anticipates legal and administrative expenses in connection with the dispute resolution process," Ireka said in a statement. The company officially entered Practice Note 17 (PN17) status on March 1, 2022, due to its shareholders' equity falling below 50 per cent of its share capital.
The Star
29-07-2025
- Business
- The Star
Ireka against GSB contract termination
PETALING JAYA: Ireka Corp Bhd , the contractor to Gammerlite Sdn Bhd (GSB) for works on Sabah Pan Borneo Highway Project – phase 1B recently saw GSB proposing a mutual termination of the contract on July 8. The works were for the upgrading of roads from Kampung Lomou Baru to Kampung Toupus or also known as the Work Package 33. 'This proposal follows the termination of the project operation agreement between MTD Construction Sdn Bhd (the main contractor) and GSB, which was terminated on June 30, due to GSB's failure to secure the required funding by the deadline set out in the POA,' Ireka said in its filing with Bursa Malaysia. It said it doesn't agree to the proposed mutual termination in its current form.
