Brahim’s Holdings Bhd (-ve)
TRADING of shares in Brahim’s Holdings Bhd (fundamental: 0/3, valuation: 0/3) triggered our momentum algorithm last Friday for the second time this year. The stock climbed 5.5 sen or 20.75% to 32 sen, with 18.98 million shares done compared with its 200-day average volume of 2.54 million shares.
Last Friday, the Practice Note 17 company said it had signed a heads of agreement (HoA) with MRI VC Bhd (formerly known as UZ Catering Bhd) to secure and set out the basis of MRI’s participation in the group’s proposed regularisation plan.
It said the raising of funds is expected to comprise, but not limited to, a proposed private placement and a proposed rights issue, which MRI will participate in. MRI has paid a RM2 million deposit to Brahim’s with the execution of the HoA, which may be used to set off against the total amount to be paid by MRI for subscribing new securities in Brahim’s under the proposed share issuance.