KUALA LUMPUR: PN17 affected firm Brahim's Holdings Bhd said a preliminary agreement with a potential white knight MRI VC Bhd to rescue the company has failed to materialise.
Brahim's, in a filing with Bursa Malaysia today, the company and MRI VC have mutually agreed to terminate a head of agreement dated Dec 20.
The HOA was to set the basis for MRI VC, a food catering firm, to participate in Brahim's financial regularisation plan.
Brahim's cited "current uncertainties" surrounding its business and subsidiaries, as well as the current situation of the global economy and financial markets as reasons for the termination.
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