KUALA LUMPUR (March 5): Main market-listed Brahim's Holdings Bhd, which recently was classified as a Practice Note 17 (PN17) company, is planning to exit this status as soon as possible.

Speaking at a press conference here today on an update of the group's current situation and future plans, its executive chairman Datuk Seri Ibrahim Haji Ahmad said Brahim's will enter into strategic discussions with partners to review capital and business structure with the view of complying with the listing requirements as soon as practicable.

However, he declined to disclose the progress and details of these discussions.

Notably, the catering services company lapsed into a PN17 status after it had triggered the prescribed criteria under Paragraph 2.1(a) of PN17, whereby its shareholder equity fell below the 25% threshold.

"The company will also push key initiatives to drive operational improvement and productivity enhancements following a board and management review to rejuvenate its consolidated financials," said Ibrahim.

He noted that Brahim's will seek consultations with prospective principal advisers to formulate and submit a regularisation plan within the next three months and make necessary announcements in due course.

Moving forward, Ibrahim highlighted that the group's in-flight catering and related services segment will still remain its core business. Nonetheless, Brahim's will be looking at diversifying into other non-airline catering in order to not be overly dependent on the airline catering business.

Despite falling into the PN17 status, Ibrahim reassured that "business is as usual".

At 11.42am, shares of Brahim's were unchanged at 10.5 sen. Year to date, the stock fell as much as 62.5% from 28 sen.