|Subject||PRACTICE NOTE 17 / GUIDANCE NOTE 3
|Description||BRAHIM’S HOLDINGS BERHAD (“BHB” OR “THE COMPANY”)
– BHB TRIGGERED THE PRESCRIBED CRITERIA PURSUANT TO PARAGRAPH 2.1(F) OF THE PRACTICE NOTE 17 (“PN17”) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD (“LISTING REQUIREMENTS”) (“BURSA SECURITIES”)
|Reference is made to the earlier announcement dated 28 February 2019 as BHB had triggered the prescribed criteria pursuant to Paragraphs 2.1(a) of PN17 of the Listing Requirements (“First Announcement”), latest monthly announcement made on 1 April 2021 (“Monthly Announcement”) and the default in payment announcement made on 22 April 2021 (“Default in Payment Announcement”). Unless otherwise defined, the terms herein shall bear the same meaning as defined in the First Announcement, Monthly Announcement and Default in Payment Announcement.
BHB had on 22 April 2021, announced that the Company has defaulted in repaying overdue rental sum of RM49,880,001.41 as at 1 April 2021 as requested by the OCBC Al-Amin Bank Berhad (“OCBC”) under an Ijarah Muntahiah Bi Al-Tamlik Term-Financing-i granted by OCBC to BHB. After further reasonable inquiry into the affairs of the Company by the Board of Directors (“the Board”), the Board is of the opinion that the Company is unable to provide to Bursa Securities a solvency declaration as required under Paragraph 9.19A(4) of the Listing Requirements.
Pursuant to the above, we wish to announce that the Company has further triggered the prescribed criteria under Paragraph 2.1(f) of PN17 of the Listing Requirements on 22 April 2021.
The Board wishes to inform that the Company is still in the midst of formulating its regularisation plan and has approximately 5 months (until 27 August 2021) to submit its regularisation plan.
This announcement is dated 22 April 2021.