KUALA LUMPUR (Dec 20): Trading in the shares of Brahim's Holdings Bhd will be halted from 2.30pm to 5pm today pending a material announcement.
In a bourse filing today, Brahim's said it had requested for the trading suspension.
On Dec 16, Brahim's, whose shares dove after the group announced PricewaterhouseCoopers PLT (PwC) had voluntarily resigned as its external auditor with immediate effect, said PwC's departure is due in part to its board's view that a change of auditors would be good for corporate governance.
"PwC has been the auditor for Brahim's SATS Food Services Sdn Bhd (BSFS) for more than 15 years. BSFS contribute[s] more than 90% of the group's revenue. As part of ongoing good corporate governance initiative, the boards of Brahim's and BSFS are of the view that it would be timely to effect a change of auditors.
"A change of auditors would also enable the company to benefit from fresh perspectives and views of another professional audit firm, and thus, enhance the value of the audit of the group. On Nov 21, 2019, BSFS in their board of directors meeting agreed for change of auditors, subject to the relevant formalities," Brahim's said in a stock exchange filing then.
At the noon market close, Brahim's shares rose 20.75% or 5.5 sen to 32 sen, for a market capitalisation of RM75.61 million.