Perisai Petroleum is now a PN17 company
Published on: Thursday, October 13, 2016
Kuala Lumpur: Perisai Petroleum Teknologi Bhd has been classified as a practice note 17 (PN17) company as it has defaulted in payment of the principal and interest of the notes on a S$125 million bond. In a filing to Bursa Malaysia Wednesday, Perisai said pursuant to this the company was required to regularise its condition within 12 months from Wednesday. "The company needs to submit a regularisation plan to the Securities Commission if the plan will result in a significant change in the business direction or policy of the company.
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"But if there is no significant change in its business direction or policy, the company will need to submit a regularisation plan to Bursa Securities and obtain the regulator's approval to implement the plan," it said. Perisai said it would need to implement the regularisation plan within the timeframe stipulated by the SC or Bursa Securities. Stay up-to-date by following Daily Express’s Telegram channel.
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