KUALA LUMPUR (Jan 11): Perisai Petroleum Teknologi Bhd will be suspended from trading effective Jan 22 after the stock exchange rejected the group’s proposed regularisation plan.

The Practice Note 17 (PN17) company will be delisted from the Main Market of 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,” the group announced in a stock exchange filing today.

Upon its delisting, the company will continue to exist and may continue its operations as an unlisted entity.

“Perisai is still able to proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” it noted.

Shares in Perisai were up 0.5 sen or 20% to close at 3 sen today, leaving the group with a market value of RM37.83 million.

The company was first classified as a PN17 company on Oct 2, 2016 after it defaulted in payment of the principal and interest for S$125 million multi-currency medium term notes.

In May last year, the group had planned a share capital reduction and rights issue to raise up to RM22.34 million as part of its regularisation plan.