‘Is it time for a bye-bye for Brahim’s?’
Brahim’s Holdings Bhd, which is rated Practice Note 17 (PN17), saw its shares plunge 73.91% on April 8 after regulators rejected the company's application for an extension of time to submit a restructuring plan.
This afternoon, the counter recorded a decrease of 40 sen with a market capitalization of RM11.77 million.
In this morning’s session, Brahim’s was the most actively traded stock with 128.51 million shares.
According to Brahim’s filing with Bursa on Thursday, the airline catering company’s shares will be suspended from trading effective April 15 and will be delisted on April 20, unless an appeal is submitted to Bursa Securities on or before April 14.
He added that any appeal submitted after the stipulated time period will not be considered by Bursa Securities while if the company submits an appeal within the stipulated period, it will postpone the delisting on April 20.
However, the suspension of trading on April 15 will continue despite the company's appeal.
Meanwhile, Brahim’s recently stated that the reopening of the national border will benefit the company but looking at the current situation, it is very likely that the reopening of the border will not help the company with the PN17 rating.
