Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 12): Perisai Petroleum Teknologi Bhd is now a Practice Note 17 (PN17) company, after its wholly-owned subsidiary, Perisai Capital (L) Inc, defaulted in payment of the principal and interest on a S$125 million bond.

In a filing with Bursa Malaysia today, Perisai said it has triggered the PN17 criteria and is required to regularise its condition within 12 months from today.

This means the company would need to submit a regularisation plan to the Securities Commission Malaysia (SC), if the plan were to result in a significant change in the business direction or policy of the company.

If the plan does not result in a significant change in the business direction or policy of the company, the company will need to submit a regularisation plan to Bursa Securities and obtain the regulator’s approval to implement the plan.

Perisai will then need to implement the regularisation plan within the timeframe stipulated by the SC or Bursa Securities.

In the event that the company fails to comply with the obligations to regularise its condition, the company’s listed securities will be suspended from trading on the sixth market day after the date of notification of suspension by Bursa Securities, and de-listing procedures shall be taken against the company.

“The company is looking into formulating a regularisation plan to address its PN17 status and will make the necessary announcement on the regularisation plan in due course,” it said.

In a separate filing, Perisai said it will not be able meet the payment of the principal and interest of the notes when the same, which is guaranteed by the company, is demanded.

“As such, the company is insolvent,” it said.

The S$125 million bond with a coupon rate of 6.785% was issued under Perisai Capital’s S$700 million multi-currency medium-term notes programme, which is unconditionally and irrevocably guaranteed by Perisai.

Perisai shares closed down 0.5 sen or 6.3% to 7.5 sen today, for a market capitalisation of RM94.53 million.

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