Quick take: Brahim’s tumbles 58% after triggering PN17

KUALA LUMPUR: Brahim’s Holdings Bhd (BHB) shares fell sharply to an all-time low on Friday after company triggered the Practice Note 17 (PN17).

The catering services provider plunged 58.54%, or 12 sen to 8.5 sen, its all-time low with 6.73 million shares done.

Brahim’s has lapsed into Practice Note 17 (PN17) status, after its shareholder equity fell below the 25% threshold.

The company said it is now an affected listed issuer with risks of being delisted.

“Based on the unaudited interim financial results of Brahim’s for the fourth quarter ended Dec 31, 2018, the shareholders’ equity of Brahim’s on a consolidated basis of less than RM40mil represented 25% or less of its issued capital. Hence, BHB is now regarded as a PN17 company,” it said.

The company is currently looking into formulating a plan to regularise its financial condition with announcements to be made in due course.

Source : TheStar