Brahim’s Holdings confident won’t be delisted

KUALA LUMPUR: In-flight caterer Brahim’s Holdings Bhd (BHB) plans to overcome its financial problems as soon as possible.

Executive chairman Ibrahim Ahmad said the company would come up with a comprehensive plan, which would include strategic discussions with partners to review its capital and business structure, with a view of complying with Bursa Malaysia’s listing requirements.

“We are not planning to get de-listed and are determined to recover from the PN17 status.”

Bursa Malaysia issues the Practice Note 17 or PN17 to companies facing financial issues. The company is then obliged to submit proposals on how it intends to revive or restructure itself to maintain its listing.

“We are in the right business and as a major global halal player, we want to assure all shareholders, customers, suppliers, joint-venture partners and employees, that business at the operations level is unaffected by this status,” he told a press conference here today.

Ibrahim said the company would be consulting prospective principal advisers to formulate and submit the regularisation plan within the next three months and make the necessary announcements in due course.

“We cannot say yet how we will get out… until we know the direction that we will take. We are looking at all possible options while working towards improving cost management in other non-trade material operations, including reviewing procurement contracts of suppliers, maintenance and repair,” he said, adding that the company had no plan to liquidate its assets and reduce its staff.

Ibrahim said the company’s core business in in-flight catering was not affected and all business operations were going on as usual.

He clarified that the two business entities of Brahim’s, namely Brahim’s Holdings and Dewina Holdings Sdn Bhd, were different and had no connection to the issue at hand.

He said Brahim’s Holdings was the public-listed company with core business in airline catering, food and beverage operations and bonded warehouse operations.

On the other hand, Dewina Holdings Sdn Bhd was a private company with core business in food manufacturing, military catering and facilities management, marketing and distribution, research and development, and consultancy, he added.

Ibrahim is also Dewina Holdings chairman. -FMT