KUALA LUMPUR (Dec 9): Perisai Petroleum Teknologi Bhd, which declared it was insolvent in October after failing to meet bond obligations, is in dispute with its shareholder Emas Offshore Ltd (EOL) over the disposal of a 51% stake in SJR Marine (L) Ltd to EOL.
Through several bourse filings today, Perisai said it has the right to dispose of its stake in SJR Marine to EOL for US$43.03 million, in accordance to agreements it inked with EOL previously.
However, EOL claimed that following the occurence of “certain events”, it has the right to terminate the agreement with Perisai and buy the stake for US$1. EOL has an 11.48% stake in Perisai. It is also Perisai’s joint venture partner in SJR Marine, with a 49% stake.
On Nov 30, 2012, Per…
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