Airline caterer Brahim's gets payment default notice from OCBC

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KUALA LUMPUR (April 22): Brahim’s Holdings Bhd yesterday received a payment default notice from OCBC Al-Amin Bank Bhd as the airline caterer was unable to fully settle the overdue rental sum of RM49.88 million as at April 1, 2021 under an Islamic financing facility granted by OCBC to Brahim’s, which has been contending with the impact of the Covid-19 pandemic.

In a statement to Bursa Malaysia today, Brahim’s said the Practice Note 17 (PN17) company is facing cash-flow difficulties due to the impact of the pandemic.

Brahim’s said its financial difficulties began in 2019, when it was initially designated as a PN17 company.

More to come