Ivory Properties CEO Low Eng Hock resigns amid MBI probe; delisting looms

• Further compounding Ivory’s challenges, the company also announced on Aug 21 that Bursa Securities had rejected its application for an additional extension of time to submit its regularisation plan. Bursa cited Ivory’s failure to show meaningful progress in finalising the plan as the reason for the rejection.

KUALA LUMPUR (Aug 25): Ivory Properties Group Bhd (KL:IVORY), a Practice Note 17 (PN17) company, announced that its group chief executive officer and executive director Datuk Low Eng Hock has resigned from all positions in the Penang-based property developer, effective Aug 22, citing personal reasons.

In light of the announcement, trading in Ivory’s securities was temporarily halted for an hour from 9am to 10am on Monday (Aug 25). Following the resumption of trade, the stock briefly rose to an intra-day high of one sen, before retreating to 0.5 sen—the same as Friday’s closing price. At that point, the company’s market capitalisation stood at RM2.45 million.

Low, 62, remains a substantial shareholder of the company, holding a 17.25% direct stake and an indirect stake of 5.76% as of Aug 24, 2025. He is also the father of executive director Low Wei Shane and the husband of Datin Khoo Siew Siew, who is a substantial shareholder of Ivory.

Resignation amid MBI investigation

Low’s resignation comes amid reports linking him to the ongoing investigation into the MBI Group investment scheme, allegedly orchestrated by Malaysian Tedy Teow Wooi Huat. According to reports, the scheme is believed to have defrauded over two million investors in China.

On Aug 21, Ivory disclosed that Low was cooperating with the authorities regarding the matter. However, the company maintained that the investigation has had no financial or operational impact on its business to date.

Further compounding Ivory’s challenges, the company also announced on Aug 21 that Bursa Securities had rejected its application for an additional extension of time to submit its regularisation plan. Bursa cited Ivory’s failure to show meaningful progress in finalising the plan as the reason for the rejection.

As a result, trading in Ivory’s securities will be suspended effective Aug 29, and the company will be delisted on Sept 3 unless an appeal is submitted. The company must submit the appeal to Bursa Securities by Aug 28. If an appeal is lodged within this timeframe, the delisting will be deferred pending Bursa Securities' decision.

However, the trading suspension on Aug 29 will proceed regardless of any appeal.

Ivory has not announced whether it intends to file an appeal as of publication time.

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