Ivory Properties Group Bhd announced that its chief executive officer and executive director, Low Eng Hock, has resigned effective Aug 22, citing “personal reasons.”
The resignation came just a day after the Penang-based developer revealed that Low was cooperating with authorities in the ongoing investigation into the controversial MBI International investment scheme. The resignation notice was filed with Bursa Malaysia yesterday.
Low, 62, also relinquished all positions in the group. He directly owns 84.54 million shares (17.25%) and holds an indirect stake of 28.23 million shares (5.76%). According to the filing, he is the father of executive director Low Wei Shane and husband of substantial shareholder Datin Khoo Siew Siew.
Ivory Properties confirmed that there were no disagreements with the board and no matters requiring shareholder attention.
Trading of the company’s shares was halted at 9am today and will resume at 10am, following Bursa Malaysia Securities’ directive for a one-hour suspension.
The company has yet to name a successor.
Last Friday, Ivory’s shares collapsed to a record low of half a sen after Bursa rejected its appeal for more time to submit a regularisation plan. The stock plunged 75% in a single session on panic selling.
