(Adds Perisai statement on receiving notice of default)
KUALA LUMPUR Oct 4 Perisai Petroleum Teknologi
Bhd defaulted on a S$125 million ($91.3 million) bond
after noteholders rejected the Malaysian oil and gas service
provider's request for a four-month extension on the maturity
Perisai received a notice dated Oct. 3 from the trustee of
the notes notifying that an event of default has occurred, the
company said in a statement to the Malaysian stock exchange on
Tuesday. The bond was due on Monday.
Shares of the company slumped as much as 32 percent to an
all-time low of 8.5 sen on Tuesday.
Perisai had started talks its bondholders in August to seek
Perisai plans to talk to bondholders about an alternative
proposal after it received an indicative financing offer from a
financial institution on Sept. 30, it said in a separate
statement issued late on Monday.
The company did not identify the financial institution, but
said about $20 million would be made available to resolve the
situation with bondholders.
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 its profit 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 = 1.3689 Singapore dollars)
(Reporting by Liz Lee and A. Ananthalakshmi; Editing by
Christian Schmollinger and Louise Heavens)