2 Min Read
KUALA LUMPUR, Oct 4 (Reuters) - Holders of Perisai Petroleum Teknologi Bhd's S$125 million ($91.41 million) bond have rejected the Malaysian oil and gas service provider's request for a four-month extension on the maturity date, the company said in a statement.
Shares of the company slumped as much as 32 percent to an all-time low of 8.5 sen on Tuesday. The bond was due on Monday.
Perisai and its joint venture partner Emas Offshore Ltd received an indicative financing offer from a financial institution on Sept. 30, the company said in a statement released late on Monday to the Malaysian stock exchange.
The company did not identify the financial institution, but said about $20 million would be made available to resolve the situation with bondholders.
Perisai intends to engage with its noteholders on the alternative proposal, it said.
In July, Singaporean oilfield services firm Swiber Holdings Ltd applied for judicial management, becoming the largest local company to fall victim to the slump in oil prices and raising concerns over the health of the sector in the region.
Malaysian lenders are bracing for a hit to profits this year, Reuters reported last week, as they bump up provisions for sour loans to the local oil and gas services sector that has been battered by the slump in energy prices and cutbacks in projects.
$1 = 1.3675 Singapore dollars Reporting by Liz Lee; Editing by A. Ananthalakshmi and Christian Schmollinger