Peri­sai served with de­mand for bond pay­ment

The Sun (Malaysia) - - SUNBIZ -

PETAL­ING JAYA: Peri­sai Pe­tro­leum Te­knologi Bhd, a Prac­tice Note 17 (PN17) com­pany, has re­ceived a no­tice of de­mand for the pay­ment of its S$125 mil­lion (RM377.5 mil­lion) bond, which was due on Oct 3.

Peri­sai told Bursa Malaysia that it, to­gether with its wholly owned sub­sidiary Peri­sai Cap­i­tal (L) Inc, had re­ceived a no­tice dated Oct 17 from the trustee of the notes no­ti­fy­ing them that the re­demp­tion amount of the notes to­gether with in­ter­est is due.

Peri­sai said it is seek­ing legal ad­vice on the no­tice of de­mand and will make an­nounce­ments as and when nec­es­sary.

The bond car­ry­ing a coupon rate of 6.875% is part of the com­pany’s S$700 mil­lion mul­ti­c­ur­rency medium-term notes pro­gramme.

Peri­sai had sought to ex­tend the ma­tu­rity date of the bond to Feb 3, 2017 from Oct 3, 2016. It was, how­ever, re­jected by its bond­hold­ers at a meet­ing called on the due date.

The de­fault had also re­sulted in the com­pany slip­ping into the PN17 sta­tus. It has to sub­mit a reg­u­lar­i­sa­tion plan to the reg­u­la­tor within the next 12 months.

Nonethe­less, Peri­sai, to­gether with its joint ven­ture part­ner Emas Off­shore Ltd (EOL), are in talks to se­cure US$20 mil­lion (RM83.8 mil­lion) fi­nanc­ing from a fi­nan­cial in­sti­tu­tion.

As part of the in­dica­tive fi­nanc­ing pack­age, Peri­sai was also in talks with EOL to re­solve var­i­ous is­sues among them­selves, in­clud­ing a put op­tion that was granted by EOL to Peri­sai for Peri­sai’s 51% share­hold­ing in SJR Marine (L) Ltd.

Peri­sai and EOL are joint-ven­ture part­ners in Emas Vic­to­ria (L) Bhd and SJR.

Peri­sai shares were down one sen to close at 6.5 sen yes­ter­day, with some 9.54 mil­lion shares chang­ing hands.

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