KUALA LUMPUR (April 12): Brahim’s Holdings Bhd's share price dropped 33.3% on Tuesday’s (April 12) to a record low of one sen after the airline caterer said last week its share trade will be suspended from April 15 pending Bursa Malaysia’s decision on the Practice Note 17 (PN17) company's appeal against the delisting of its securities after the local bourse rejected its application for time extension to submit its regularisation plan to comply with the listing rules.
At the 12.30pm break on Tuesday, Brahim's was down half a sen at one sen, where it stayed until market close. It saw 28.33 million shares traded.
It was one of the top 20 most actively traded counters earlier in the day.
At one sen, Brahim’s had a market value of about RM2.8 million. Year to date, the stock has declined to current levels from 9.5 sen on Dec 31, 2021.
Brahim’s initially announced its PN17 status on Feb 28, 2019.
In a Bursa filing then, the company said it had become a PN17 entity because its consolidated shareholders’ equity as of the fourth quarter ended Dec 31, 2018 stood at less than RM40 million, representing 25% or less of the company's issued capital.