KUALA LUMPUR (Aug 8): Perisai Petroleum Teknologi Bhd has received a nine-month extension from the Kuala Lumpur High Court to restrain all proceedings and actions brought against the Practice Note 17 (PN17) company.

In a filing with Bursa Malaysia today, the loss-making oil and gas provider said the restraining order is to facilitate its plan to regularise its financial condition through a proposed scheme of arrangement.

On Aug 1, Perisai had submitted the application in relation to the proposed regularisation plan to Bursa Securities for approval.

"The order will not have any material effect on the earnings and net assets of Perisai Group for the financial year ended June 30, 2018," said Perisai.

Perisai's restraining order was first granted in January last year, as part of the company's plan to regularise its financial condition through a proposed scheme of arrangement.

Perisai fell into PN17 status on Oct 12, 2016 after its unit Perisai Capital (L) Inc defaulted in payment of the principal and interest for S$125 million multi-currency medium term notes.

Perisai shares closed unchanged at four sen today, with 190,000 shares crossed, valuing it at RM50.42 million.