Forever Source to buy 60% BISB stake of Baneng Holdings

28 Dec '06
1 min read

Forever Source Ltd, a Hong Kong based firm, will buy partial stake of apparel maker Baneng Holdings Bhd in its subsidiary Baneng Industries Sdn Bhd (BISB) to cut the latter's debts.

Lim Choon Hiok, Lim Meng Hong and former Malacca Chief Minister Tan Sri A Rahim Tamby Chik are Directors of BISB.

Baneng is selling 60 percent of its BISB stake to Forever for RM27 million which will be utilized by company to pay back its debts. This totalled to RM108.8 million in December last year.

With 40 percent share, company will be actively involved in all dealings of BISB conducted by Forever.

Due to interest savings resulting from repayment of debts after this move, Baneng's future profit is anticipated to go up. Sale of stake and refunding of debts will enable Baneng to strengthen its roots in apparel industry.

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