Perisai Petroleum gets nod for time extension

PETALING JAYA: Practice Note 17 (PN17) company Perisai Petroleum Teknologi Bhd has received approval from the Companies Commission of Malaysia for an extension of time for the company to hold its 2017 AGM and to table its audited financial statements for the 18 months period ending June 30, 2017 latest by Dec 29, 2017.

Perisai had in November last year changed its financial year end from Dec 31 to June 30.

It was classified as a PN17 company after its unit Perisai Capital (L) Inc defaulted on S$125 million (RM377.27 million) debt notes.

Three days ago, Perisai said it was formulating a proposed regularisation plan, which will not result in a significant change in the business direction or policy of the company. It has nine months to submit its regularisation plan to the relevant authorities for approval.

Perisai last month settled its US$43.03 million (RM192.56 million) dispute with Singapore-listed Emas Offshore Ltd (EOL), where Perisai will receive partial settlement crucial to the success of its debt restructuring plan, and as general working capital for operational, corporate and restructuring expenses.