No financial support, so Baneng remains delisted

PETALING JAYA: Baneng Holdings Bhd has chosen not to appeal against its delisting on Dec 16, following discontinued financial support from its lenders.

In its filing with Bursa Malaysia, the company said it had failed to reach an agreement to the Proposed Debt Restructuring Scheme with the Corporate Debt Restructuring Committee (CDRC) and its lenders. CDRC told the company on Dec 12 that the lenders would discontinue with the proposed debt restructuring which they had embarked on April 2009, leading to Baneng opting not to appeal to Bursa against its delisting.