KUALA LUMPUR (Sept 13): Perisai Petroleum Teknologi Bhd was among the active counters on Bursa Malaysia this morning, while its shares slid 0.5 sen or 3.3% to 14.5 sen at 11.34am.

It saw some 4.14 million shares traded.

The company announced last Friday it was seeking a four-month extension to fullfill its debt obligations.

Perisai commenced a consent solicitation process on Sept 10 to seek, among others, the approval of its medium term note holders to waive the non-payment of principal and interest due on Oct 3, 2016.

The oil and gas company is also seeking to waive any non-compliance or potential non-compliance of minimum interest coverage ratio covenants for the third quarter of 2016 and defer interest payment and postpone the maturity date to Feb 3, 2017.

A meeting of the noteholders will be convened on Oct 3 for the purpose of passing extraordinary resolution, and Perisai will need to get 75% approval approval for the resolution to be passed.

In a note today, Kenanga Research said the firm does not see any near-term rerating catalysts for Perisai, and selling pressure on the stock remains heavy over its lingering financial situation.

“Thus, we maintain our underperform call with an unchanged target price of 16 sen pegged to the financial year ending Dec 31, 2017  (FY17) 0.3 times price to book ratio,” said the firm.