KUALA LUMPUR (April 14): Practice Note 17 (PN17) in-flight caterer Brahim's Holdings Bhd has submitted an appeal to Bursa Securities against the commencement of delisting procedures on the securities of the company.

In a bourse filing on Thursday (April 14), the loss-making Brahim's said the board of directors had on Thursday submitted an appeal to the regulator against the commencement of action to delist its securities on Bursa Malaysia.

"Given that the appeal was submitted within the appeal timeframe, on or before April 14, the removal of the securities of the company from the official list of Bursa on April 20 will be deferred pending the decision by Bursa on the appeal," it said.

"An announcement in relation to the outcome of the appeal will be released in due course," it added.

On April 8, Brahim's had announced that Bursa had rejected its application and to suspend and subsequently de-list the securities of the company. However, it had stated its intention to submit an appeal to Bursa on the latter's decision to de-list its securities.

However, Bursa will proceed to suspend the trading of the company’s securities from Friday (April 15), even though the decision on the company’s appeal is still pending.

Brahim's was classified as a PN17 status listed issuer on Feb 28, 2019 after its shareholder equity fell below the 25% threshold. For the financial year ended Dec 31, 2021 (FY21), Brahim's narrowed its net loss to RM12.49 million from RM103.10 million in FY20. Revenue fell 59.29% to RM33.54 million from RM82.39 million in that period.

Brahim's shares closed unchanged at one sen on Thursday, bringing a market capitalisation of RM3.07 million. A total of 28.95 million shares were done.