PETALING JAYA: Practice Note 17 (PN17) company Brahim’s Holding Bhd has been granted an extension of time by Bursa Malaysia until August 27 for the submission of its regularisation plan.
However, if the company’s shares will be suspended and delisted if it fails to submit the regularisation plan by August 27; or fails to obtain approval for the plan; or fails to implement the plan within the time frame or extended time frame.
Brahim’s lapsed into the PN17 status on February 28, 2019 after its shareholder equity fell below the 25% threshold.
On December 20, 2019, Brahim’s entered into a head of agreement (HOA) with its white knight MRI VC Bhd, as part of its regularisation plan.
Under the agreement, MRI is to participate in Brahim’s proposed private placement and rights issue. At the same time, Brahim’s is required to award to MRI monthly contracts worth up to RM500,000 each for a duration of two years.
MRI is principally involved in the manufacturing of prepared meals and dishes, event/food catering and other food service activities.
For the financial year ended December 31, 2019, Brahim’s saw a narrowed net loss of RM16.4 million against RM105 million a year ago.
At 2.50pm, its share price was trading 9.5% lower at 9.5 sen on 106,200 shares done.
source https://www.thesundaily.my/business/brahim-s-granted-extension-to-submit-regularisation-plan-by-aug-27-GE2134796
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