Perisai Petroleum has until Feb 11 to submit restructuring plan

PETALING JAYA: Practice Note 17 (PN 17) company Perisai Petroleum Teknologi Bhd has been granted an extension of up to February 11, 2018 to submit its regularisation plan.

However, the extension of time is without prejudice to Bursa Securities' right to proceed to suspend the trading of its shares and to delist the company in the event it fails to submit a regularisation plan to the regulatory authorities on or before February 11, 2018; fails to obtain the approval for the implementation of the regularisation plan; and fails to implement the plan within the time frame.

Perisai had on Oct 12, 2016 triggered the PN17 criteria as it defaulted on debt repayment and had to submit a regularisation plan by October 11, 2017.

Its shares fell half a sen or 11.1% to close at 4 sen on Friday, with some 2.84 million shares changing hands.