Brahim’s, MRI VC enter HOA as part of regularisation plan

PETALING JAYA: Brahim’s Holdings Bhd has entered into a heads of agreement (HOA) with MRI VC Bhd (formerly known as UZ Catering Bhd) to secure and set out the basis of MRI’s participation in the group’s proposed regularisation plan.

The regularisation plan was proposed on May 27 this year, after Brahim’s declared it was a PN17-status company on Feb 28.

“It is envisaged that a fund-raising exercise will form an integral part of the proposed regularisation plan.

“The fund-raising exercise is expected to comprise of, but not limited to, a proposed private placement and proposed rights issue, which MRI will participate in,” Brahim’s said in a Bursa disclosure this afternoon.

MRI is principally involved in the manufacturing of prepared meals and dishes, event/food catering and other food service activities.

In addition, MRI has paid a deposit of RM2 million to Brahim’s with the execution of the HOA, which may be used to set off against the total amount to be paid by MRI for the subscription of new securities in Brahims to be issued in conjunction with the proposed share issuance.

Brahim’s said the proposed regularisation plan will be subject to the approvals of Bursa Securities and Brahim’s shareholders, and it will endeavour to procure the required approvals within 180 days from the date of the HOA or such further extension as may be agreed between the parties.

Brahim’s shares have been suspended from trading from 2.30 pm until 5pm today, but was last done at 32 sen.

source https://www.thesundaily.my/business/brahim-s-mri-vc-enter-hoa-as-part-of-regularisation-plan-NH1810582