Brahim's stock plunges as appeal for extension rejected by Bursa Securities

KUALA LUMPUR: Brahim's Holdings Bhd dove five sen or 43.5% to 6.5 sen a share at Friday's open on the back of news that the stock could be delisted by this month.

Trading in Brahim's securities will be suspended on April 15 as its appeal for an extension of time to submit its regularisation plan has been rejected by Bursa Securities.

The Practice Note 17 (PN17) company also risks being delisted on April 20 unless an appeal against the delisting is submitted to Bursa Securities on or before April 14.

In a statement, Bursa Securities said any appeal submitted after the appeal timeframe will not be considered by Bursa Securities.

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

“However, Bursa Securities shall 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,” it said.

Upon its delisting, the company will continue to exist but as an unlisted entity.

For the financial year ended Dec 31, Brahim’s posted a net loss of RM12.48mil on revenue of RM33.54mil.

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