KUALA LUMPUR: Brahim's Holdings Bhd’s shares tumbled as much as 60.9 per cent in an active early trade today after it lapsed into Practice Note 17 status.
Brahim’s slips into the status and risks of being delisted as its shareholder equity fell below the 25 per cent threshold.
Throughout the day, Brahim’s share price touched its all time-low of eight sen, from Thursday’s closing price of 20.5 sen.
Brahim’s share price closed the day 43.9 per cent lower at 11.5 sen, with 20.38 million shares traded.
In a filing to Bursa Malaysia on Thursday, Brahim’s said it was 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 December 31, 2018, the shareholders’ equity of Brahim’s on a consolidated basis of less than RM40 million represented 25 per cent or less of its issued capital. Hence, Brahim’s is now regarded as a PN17 company.
“The company is currently looking into formulating a plan to regularise its financial condition with announcements to be made in due course,” it said.
For the full year ended December 31, 2018, BHB’s net loss widened to RM103.14 million from a net loss of RM6.94 million recorded in the same period a year ago.
Its revenue decreased 6.0 per cent to RM274.04 million from RM291.56 million.