Brahim's stock plunges as appeal for extension rejected

Brahim's stock plunges as appeal for extension rejected

Brahim's Holdings Bhd shares plunged 73.91 per cent or 8.5 sen on Friday after its appeal for an extension of time to submit its regularisation plan was rejected by Bursa Securities.

KUALA LUMPUR: Brahim's Holdings Bhd shares plunged 69.6 per cent or eight sen on Friday after its appeal for an extension of time to submit its regularisation plan was rejected by Bursa Malaysia.

The company, which is under Practice Note 17 (PN17), was among those actively traded with over 100 million shares traded in the morning session.

It ended the day at three sen with 191.78 million shares traded.

This year so far, the stock has fallen by more than 40 per cent.

In its filing with Bursa Malaysia on Friday, Brahim's said its securities trading would be suspended on April 15 as its appeal for an extension of time to submit its regularisation plan had been rejected.

The company risks being delisted on April 20 unless an appeal against the delisting is submitted to Bursa on or before April 14.

"Any appeal submitted after that time period will not be considered by Bursa," the company said.

Meanwhile, Brahim's said in the event the company submitted an appeal within the timeframe, the delisting would be deferred pending the outcome.

"However, Bursa 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 added.

https://www.nst.com.my/business/2022/04/787513/brahims-stock-plunges-%C2%A0appeal-extension-rejected