Brahimâ€™s Holdings Bhdâ€™s shareholders have rejected the companyâ€™s plan to buy the loss-making fast-food Burger King franchise for RM95mil.
The company said on Wednesday the proposed acquisition was not passed by the shareholders at the EGM by a show of hands.
Brahimâ€™s said since the resolution was for purchase was rejected, the proposed joint venture was withdrawn with the consensus of the shareholders.
Earlier, Brahimâ€™s told shareholders that it would take about two years to turn around Burger King and it would be beneficial in the long-term.
The corporate exercise involved the proposed purchase of 100% equity interest in Rancak Selera Sdn Bhd by its unit Brahimâ€™s Trading Sdn Bhd, together with Quantum Angel Sdn Bhd for RM95mil cash.
If the purchase was approved, Brahimâ€™s Trading and Quantum Angel to incorporate a special purpose vehicles pursuant to the proposed acquisition.
A minority shareholder told StarBiz that because Burger King was loss-making and most of its outlets had closed down, this was the reason why the proposal was rejected at the EGM.-The Star