Perisai’s regularisation plan rejected by Bursa, to be delisted on Feb 13

11 Jan 2019 / 19:06 H.

PETALING JAYA: Trading in the securities of Perisai Petroleum Teknologi Bhd will be suspended from Jan 22 following the rejection of its proposed regularisation plan.

In a filing with Bursa Malaysia, Perisai said its securities will be delisted on Feb 13 unless an appeal against the rejection of the regularisation plan and delisting is submitted on or before Feb 10.

If Perisai submits an appeal to Bursa Securities within the appeal timeframe, the delisting on Feb 13 will be deferred, pending the authority’s decision on the company’s appeal.

The company triggered the Practice Note 17 (PN17) criteria as it defaulted on debt repayment.

In May last year, it announced plans to cancel off accumulated losses, issue shares and irredeemable and redeemable unsecured loan stocks to settle debt and a rights issue to raise funds.

The proposed plans were to enable it to focus its business on the oil drilling rig and the floating production, storage and offloading unit, Perisai Kamelia, as part of its business rationalisation exercise.