KUALA LUMPUR: Shares of Perisai Petroleum Teknologi Bhd plunged 83% in the first few minutes of trading on Monday after Bursa Malaysia Securities commenced the delisting exercise against the company after its regulation plan was rejected.
The Practice Note 17 (PN17) plunged 83.33%, or 2.5 sen in early trade to 0.5 sen. The counter is the second most actively traded with 25.67 million shares done.
Perisai will be suspended from trading effective Jan 22 after the stock exchange rejected the group’s proposed regularisation plan.
Bursa Malaysia Securities, the stock exchange operator, has commenced the delisting exercise against Perisai after it rejected the trouble oil and gas company’s financial regularisation plan.
Perisai will be delisted from Bursa Malaysia on Feb 13 unless Perisai appeals against the exchange’s decision before Feb 10.
“In the event Perisai submits an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of Perisai from the official list of Bursa Securities shall be deferred pending the decision on the company’s appeal,” it said.
Perisai was classified as a PN17 affected issuer in October 2016 after wholly owned Perisai Capital (L) Inc defaulted in payment of the principal and interest for S$125mil multi-currency medium-term notes.