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Perisai Petroleum says it is insolvent
Malaysian oil and gas company Perisai Petroleum Teknologi has declared itself insolvent and has been classified as a Practice Note 17 (PN17) company. On Tuesday, the company disclosed it is unable to pay the principal and interest of the S$125m ($91.9m) bond issued by its subsidiary Perisai Capital (L). A PN17 company is one that is listed on the Bursa Malaysia exchange but is suffering from financial difficulties. Its shareholders’ funds are less than 25% of its total paid-up capital, and receivers may be appointed to take control of the company’s assets. In order to maintain its Bursa listing, as a PN17 company Perisai must regularise its financial position within 12 months. Either the Securities Commission or Bursa Malaysia Securities will set a deadline by which Perisai must complete implementation of the regularisation plan. http://splash247.com/perisai-petroleum-says-insolvent/
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