Really tough times ahead for Perisai
KUALA LUMPUR: Perisai Petroleum Teknologi Bhd saw its share price tumble to an all-time low of 6.5 sen early Thursday after it fell into Practice Note 17 (PN17) following a default in its debt notes.
At 9.13am, it was down one sen to 6.5 sen with 12.52 million shares done.
The FBM KLCI rose 0.95 of a point or 0.06% to 1,667.98. Turnover was 113.95 million shares done valued at RM38.36mil. There were 131 gainers, 95 losers and 191 counters unchanged.
The struggling oil and gas services company reported that its unit Perisai Capital (L) Inc defaulted on S$125mil debt notes due on Oct 3.
It has 12 months to regularise its financial position and implement the regularisation plan within the timeframe se by by either the Securities Commission or Bursa Malaysia Securities Bhd.
Failing to do so will result it being suspended and it faces de-listing.
Perisai Capital defaulted on its debt repayment after the holders of its S$125mil (RM377.27mil) 6.875% medium-term notes rejected its proposals to, among others, defer the payment of interest due on Oct 3 and to postpone the maturity date to Feb 3, 2017.
Perisai said it was insolvent as it would not be able to meet the payment of the principal and interest of the notes.
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