BRAHIM’S LAPSES INTO PN17 STATUS

Shares plunge 43.9pc to 11.5 sen yesterday after touching all-time low of 8 sen

BRAHIM’S Holdings Bhd’s shares tumbled as much as 60.9 per cent in active trade early yesterday after it lapsed into Practice Note 17 (PN17) status.

Main Market-listed Brahim’s slipped into the PN17 status after its shareholders’ equity fell below the 25 per cent threshold.

Brahim’s share price touched its all time-low of eight sen yesterday before closing 43.9 per cent lower at 11.5 sen, with 20.38 million shares traded. Its closing price on Thursday was 20.5 sen.

In a filing to Bursa Malaysia on Thursday, Brahim’s said it was now an affected listed issuer with risks of being delisted.

“Based on Brahim’s unaudited fourth quarter ended December 31 last year interim financial results, the shareholders’ equity on a consolidated basis of less than RM40 million represented 25 per cent or less of its issued capital. Hence, Brahim’s is now regarded as a PN17 company.

“The company is currently looking into formulating a plan to regularise its financial condition with announcements to be made in due course,” it said in a stock exchange filing.

For the full year ended December 31, 2018, Brahim’s net loss widened to RM103.14 million from a net loss of RM6.94 million in the same period a year ago.

Revenue fell six per cent to RM274.04 million from RM291.56 million the year before.