KUALA LUMPUR: Brahim's Holdings Bhd (BHB) will proceed with its plan of corporate restructuring following its delisting from Bursa Malaysia's main board effective June 3.
The company in a statement said it will also maintain its main activity of providing meals to its 35 airline customers, including Malaysia Airlines, and the bonded warehouse service provided by Taman Industries Sdn Bhd at Port Klang.
"Brahim will continue to exist as an unlisted entity and still able to continue its operations and businesses and proceed with its corporate restructuring," it said.
Brahim's shareholders can still be rewarded by the company's performance although they will be holding shares which are no longer quoted and traded on Bursa Malaysia.
"BHB will continue with its restructuring plan to get back to a stable position.
"We have engaged and signed off an agreement with a white knight that will execute a fund raising exercise that is anticipated to address some working capital issues, equity buyback and loan repayment.
"Brahim's Holdings is ready and geared up to bounce back with positive recovery especially in the aviation industries. We have high confidence that we are able to deliver," executive chairman Datuk Seri Ibrahim Ahmad said.
Bursa Malaysia had dismissed the company's appeal for an extension of time to submit the regularisation plan for approval and decided to de-list the company pursuant to paragraph 8.04 of the Bursa Securities Main Market Listing Requirements.