KUALA LUMPUR (May 31): Practice Note 17 (PN17) company Brahim’s Holdings Bhd will be delisted on June 3 — 28 years after the company was listed in 1994 — following Bursa Malaysia’s rejection of the group’s appeal for more time to submit its regularisation plan.

In a bourse filing, Bursa said the securities of the group that are currently deposited with Bursa Malaysia Depository Sdn Bhd may remain deposited, notwithstanding the delisting of the securities.

“Alternatively, shareholders of the company who intend to hold their securities in the form of physical certificates can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at any time after the securities of the company have been delisted from the official list of Bursa Securities.

“This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository,” said the exchange.

It added that Brahim’s will continue to exist upon delisting, but as an unlisted entity.

Brahim's was classified as a PN17 status listed issuer on Feb 28, 2019 after its shareholders' equity fell below the 25% threshold.

Meanwhile in a separate filing, the loss-making airline caterer narrowed its net loss to RM4.85 million for the first quarter ended March 31 (1QFY22) from a net loss of RM6.92 million a year earlier, due to higher revenue contribution from in-flight catering and related services.

Quarterly revenue more than doubled to RM16.19 million from RM7.15 million.

Brahim's shares have been suspended since April 22 and were last traded at one sen, valuing the airline caterer at RM3.07 million.

Notably, the stock reached its peak of RM2.64 in March 2014 — which was coincidentally when the group last reported positive earnings, with a net profit of RM22.03 million for its financial year ended Dec 31, 2013. Since then, it has not been profitable.