Shares of airline catering company, Brahim’s Holdings Bhd’s fell 33% at noon on April 12, falling to a low of 1 sen ahead of the suspension of trading on April 15.
As of this afternoon, Brahim’s shares were down 0.5 sen to 1 sen with 20.22 million shares traded, making it the 19th active counter traded on Bursa Malaysia.
Equivalent to the 1 sen value, Brahim’s market capitalization value is at RM2.8 million and year -on -year, its shares dropped to 9.5 sen as at 31 December 2021.
It is common knowledge that Brahim’s was granted Practice Note 17 (PN17) status on 28 February 2019 because its consolidated shareholders ’equity in the 4th quarter ended 31 December 2018, amounted to less than RM40 million, which is less than 25% of the company’s issued capital.
In addition, Brahim’s will also be suspended from trading on April 15 and is at risk of delisting on April 20, if no appeal is submitted to Bursa Securities before April 14.
Meanwhile, an application for an extension of time for Brahim’s restructuring plan was rejected by Bursa last week.
