KUALA LUMPUR (April 22): Urusharta Jamaah Sdn Bhd (UJSB) has ceased to be a substantial shareholder in Practice Note 17 (PN17) company Brahim’s Holdings Bhd.
In a bourse filing, Brahim’s disclosed that UJSB had disposed of 44.55 million shares equivalent to a 19.28% stake in the loss-making in-flight caterer on April 8 — thus ceasing to be a substantial shareholder.
UJSB is an investment holding and asset management company wholly owned by the Minister of Finance Inc (MoF Inc).
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READ MORE According to Brahim's 2020 annual report, UJSB was the largest shareholder of the group with a 19.28% stake.
UJSB had acquired the 44.55 million shares on Dec 28, 2018 after it was transferred by Lembaga Tabung Haji as a result of a restructuring exercise at the pilgrimage fund.
Notably, the disposal of the shares was made on the same day that Bursa Malaysia had rejected Brahim’s application for an extension of time to submit its regularisation plan, which resulted in a slump in the company’s share price.
On April 8, Brahim's announced that Bursa had rejected its application and that its share would be suspended and subsequently delisted. The company had previously stated its intention to appeal against the bourse’s decision to delist its shares.
However, Bursa proceeded to suspend the trading of the company’s securities starting 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 the level of its shareholders’ 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 RM103.1 million in FY20. Revenue fell 59.29% to RM33.54 million from RM82.39 million in that period.
Brahim’s share was last traded at one sen on April 14, bringing it a market capitalisation of RM3.07 million.
Read also: Brahim's makes last ditch appeal to Bursa to put off delisting action
Brahim's plunges as much as 73.9% on rejection of extension to submit regularisation plan
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brahim now with three musketeers,........ibrahim, focus, choo,.......don`t know they have enough strength to save the company,.......combine stake about 40%,.......look like tabung haji not interested in saving the company,........ i wonder who are the new buyers,.........such a big volume transacted,.........about 60% of brahim shares
Brahim’s to be delisted on June 3 as Bursa rejects its appeal for more time to submit regularisation plan 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 local 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.
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