KUALA LUMPUR (Oct 4): Practice Note 17 (PN17) company Lion Corp Bhd, which is controlled by Tan Sri William Cheng, has decided not to appeal against Bursa Securities Malaysia Bhd's decision to delist its securities from the local bourse on Oct 12, 2016.

"The company has resolved that (it) will not be submitting the appeal in view that all material developments in relation to the regularisation plan have been disclosed to Bursa for their deliberation in arriving at the decision," Lion Corp told Bursa Malaysia in a filing today.

Lion Corp, which was given till this Friday (Oct 7) to make the appeal, had repeatedly asked for more time to submit its regularisation plan since falling into PN17 status on Oct 25, 2013.

On Sept 29 this year, Bursa rejected the company's application for another four months' extension of time, citing there was no material development towards the finalisation and submission of the plan to the regulatory authorities.

"Pursuant to Main Market Listing Requirements, the trading in the securities of the company will be suspended with effect from Oct 10 and the securities of will be de-listed on Oct 12. Notwithstanding the delisting, the company will still continue its operations and business as an unlisted entity," it reiterated.

Lion Corp closed unchanged at one sen for a market capitalisation of RM13.2 million. Its shares have fallen 75% year to date.