Ivory Properties Group Bhd, a Penang-based property developer, announced that its Chief Executive Officer, Datuk Low Eng Hock, has resigned on August 22.
According to the company's statement to Bursa Malaysia, Eng Hock terminated his service for personal reasons.
On August 21, Ivory Properties announced that Eng Hock was cooperating with authorities in connection with an investigation into a controversial investment scheme, MBI International.
This situation arose following an online article claiming that Eng Hock and an executive chairman of a public company were detained by authorities in connection with the investigation.
The board of directors confirmed that so far, the investigation has not affected the company's finances or operations, and an announcement will be made if there are any further developments.
However, Eng Hock still remains the company's major shareholder with a 17.25% direct interest and 5.76% indirect interest as of August 24, 2025.
Ivory Properties shares were temporarily suspended for one hour today from 9.00am to 10.00am.
