KUALA LUMPUR: Perisai Petroleum Teknologi Bhd, which became the first Malaysian oil and gas (O&G) company to fall victim to the slump in oil prices, has declared itself insolvent, after it could not pay the principal and interest of the S$125 million (RM379 million) bond issued by its wholly-owned subsidiary Perisai Capital (L) Inc.
The company will not be able to meet the payment of the principal and interest of the notes when the same, which is guaranteed by the company, is demanded. As such, the company is insolvent, the offshore services provider said in a filing with Bursa Malaysia yesterday.
Following this, Perisai has triggered the Practice Note 17 …
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