IREKA

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OTHERS COURT ORDER GRANTED FOR SCHEME OF ARRANGEMENT AND 90-DAY RESTRAINING ORDER IN RESPECT OF SUBSIDIARY, UNITED TIME DEVELOPMENT SDN BHD.

IREKA CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description 
COURT ORDER GRANTED FOR SCHEME OF ARRANGEMENT AND 90-DAY RESTRAINING ORDER IN RESPECT OF SUBSIDIARY, UNITED TIME DEVELOPMENT SDN BHD.

We refer to the Company’s announcements dated 16 May 2025 and 20 May 2025, in relation to UTDSB filing of a Scheme of Arrangement. The Board of Directors of Ireka Corporation Berhad would like to further announce as follows:

 

The abbreviations and terms referred to in the previous announcements are applied and shall have the same meaning in this announcement.

 

1. QUANTIFICATION AND BREAKDOWN OF UTDSB'S OUTSTANDING DEBTS AND SOURCE OF DEBTS 

 

As at 31 December 2024, being the cut-off date for the Scheme of Arrangement, the outstanding debts of UTDSB comprise the following:

 

No. Types of Creditors Source Of Debts RM
1. Secured Creditors Short Term Borrowing

728,160.00
2. Unsecured Creditors Contractors, Consultants, Directors' Advances And Others 19,910,097.07
3. KaMi Purchasers LAD on the late delivery of KaMi units 24,197,880.22
  Total   44,836,137.29

 

 

2. OUTSTANDING INDEBTEDNESS TO BE SETTLED UNDER THE SCHEME OF ARRANGEMENT ("SOA") AND SOURCE OF FUNDS TO SETTLE BALANCE BORROWINGS

 

The creditors identified for inclusion in the SOA to be undertaken and implemented by UTDSB are as follows:

 

No. Scheme Creditors RM
1. Rescue Contractor of KaMi 9,474,380.37
2. KaMi Purchasers 24,197,880.22
  Total 33,672,260.59

 

No.       Non-Scheme Creditors                          RM                                              
1. Creditors For Defect Rectification And Other Compulsory Expenses  3,032,731.32
2. Scheme Manager and Professional Advisers 334,800.00
  Total 3,367,531.32

 

Grand Total                                37,039,791.91

 

The source of funds to settle the above borrowings under the SOA are as follows:

 

1. Collection of trade receivables from the KaMi purchasers;

2. Collection of other receivables and deposits; and

3. Collection of amount due from related companies.

 

This announcement is dated 23 May 2025.

 



Announcement Info

Company Name IREKA CORPORATION BERHAD
Stock Name IREKA
Date Announced 23 May 2025
Category General Announcement for PLC
Reference Number GA1-23052025-00065


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