PRACTICE NOTE 17 / GUIDANCE NOTE 3 : MONTHLY ANNOUNCEMENT

We refer to the previous monthly announcements in relation to the Company being classified as an affected listed issuer pursuant to Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“Listing Requirements”).

The Board of Directors of the Company (“Board”) wishes to inform that the Company is still in the midst of formulating its regularisation plan and has approximately 3 months (until 27 August 2021) to submit its regularisation plan.

Save as disclosed below, there were no other major developments subsequent to the previous monthly announcement dated 3 May 2021 in relation to the Company’s regularisation plan:

(i) Reference is made to the Company’s announcement on 11 November 2020 in relation to the Heads of Agreements (“HOA”) entered into between Brahim’s SATS Food Services Sdn Bhd, an indirect subsidiary of the Company, and Focus Dynamics Centre Sdn Bhd (“FDC”). The Board wishes to inform that the HOA has lapsed upon its expiry on 10 May 2021. 

However, both parties are presently negotiating on the terms to be included in the definitive agreement. The Company shall release further announcements once the negotiations between BSFS and FDC are concluded and the definitive agreement is finalised.

(ii) On 21 May 2021, the Company had pursuant to Paragraph 9.19(37) of the Listing Requirements, announced that its external auditors, Messrs Baker Tilly Monteiro Heng PLT had expressed a disclaimer of opinion in the Company’s audited financial statements for the financial year ended 31 December 2020. In view of the above, the Company has further triggered the prescribed criteria under Paragraph 2.1(d) of PN17 of the Listing Requirements.

This announcement is dated 1 June 2021.