KUALA LUMPUR Oct 4 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
($1 = 1.3675 Singapore dollars)
(Reporting by Liz Lee; Editing by A. Ananthalakshmi and