Wednesday, December 14, 2011

Baneng to be delisted on Friday after lenders back out

KUALA LUMPUR (Dec 14): BANENG HOLDINGS BHD [] will delisted on Dec 16, Friday after its lenders decided to discontinue the proposed debt restructuring, which had started in April 2009.

It said the trading in the securities was suspended on Wednesday and will be de-listed on Friday.

Baneng said it regretted that the company, the Corporate Debt Restructuring Committee (CDRC) and all lenders failed to agree on the proposed debt restructuring scheme drawn up before it was admitted as an affected listed issuer under the Practice Note No. 17 of the Main Market Listing Requirements of Bursa Securities on Nov 30, 2010.

Baneng said the CDRC had convened a meeting with the company and its all lenders on Monday to deliberate on the final proposed revised schemes as proposed by Baneng.

'After the meeting, CDRC had on the same day informed the company that the lenders had decided to discontinue with the proposed debt restructuring which the company embarked together with the lenders on April 2009,' it said.

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