Perisai Petroleum shares flat despite time extension

PETALING JAYA: Shares of Practice Note 17 (PN 17) company Perisai Petroleum Teknologi Bhd was flat at 4 sen this morning, despite being granted an extension of up to Feb 11, 2018 to submit its regularisation plan.
At 10.24am, the stock stood at 4 sen with 211,000 shares changing hands. It has a market capitalisation of RM50.4 million.
However, the time extension 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 Feb 11, 2018; fails to obtain the approval for the implementation of the regularisation plan; and fails to implement the plan within the time frame.
The group had on Oct 12, 2016 triggered the PN17 criteria as it defaulted on debt repayment and had to submit a regularisation plan by Oct 11, 2017.