KUALA LUMPUR (April 7): Bursa Securities has rejected an application by Practice Note 17 (PN17) company Brahim’s Holdings Bhd for a time extension to submit its regularisation plan.

Following the rejection by the stock exchange operator, shares of the airline caterer will be suspended from trading effective April 15, the company’s filing showed.

“The securities of Brahim’s will be de-listed on April 20, unless an appeal against delisting is submitted to Bursa on or before April 14.

“Any appeal submitted after the appeal timeframe will not be considered by Bursa,” it said.

In the event the company submits an appeal to Bursa within the appeal timeframe, the de-listing of the securities of the company from the official list of Bursa on April 20 will be deferred, pending the decision on the company’s appeal.

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

Bursa also shared that the securities may remain deposited with Bursa Depository, notwithstanding the de-listing of the securities from the official list of Bursa.

It added that upon the de-listing of the company, Brahim's will continue to exist but as an unlisted entity.

“The company is still able to continue its operations and business and proceed with its corporate restructuring, and its shareholders can still be rewarded by the company’s performance.

“However, the shareholders will be holding shares which are no longer quoted and traded on Bursa,” it said.

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 reported in FY20.

Shares of Brahims rose as much as five sen or 58.82% to 13.5 sen this month on improved market sentiment to aviation-linked counters, as Malaysia reopened its borders on April 1. 

The counter had lost 19.5 sen or 62.9% from 31 sen at end-2019, as the Covid-19 pandemic halted its airline catering business.

The shares last traded at 11.5 sen, giving it a market capitalisation of RM33.85 million.