PERISAI Petroleum Teknologi Bhd, via a bourse filing, has announced that the company will be delisted from the Main Market of Bursa Malaysia after its appeal for an extension of time was dismissed.

The company said it was told today that its appeal for a further six months until June 30 to submit a new regularisation plan has been dismissed.

The delisting will be effective Wednesday, Jan 22, when the company will continue to exist as an unlisted entity.

The company will still be able to continue its operations and businesses and proceed with its corporate restructuring, and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.

Perisai Petroleum was slapped with a Practice Note 17 (PN17) status on Oct 12, 2016, following an announcement dated Oct 10, 2016, of default of payment, which is in violation of Paragraph 9.19A of the Main Market Listing Requirements of Bursa Malaysia.

This default was for the principal and interest of S$125 mil (RM377.38 mil) 6.875% multicurrency medium term notes, owed by its wholly-owned subsidiary Perisai Capital. The due date was Oct 3, 2016.

The company’s shares were suspended on Jan 22, 2019, and were valued at half a sen per share at the time of suspension. – Jan 17, 2020

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