KUALA LUMPUR (Sept 13): Perisai Petroleum Teknologi Bhd was among the active counters on Bursa Malaysia this morning, while its shares slid 0.5 sen or 3.3% to 14.5 sen at 11.34am. The company announced last Friday it was seeking a four-month extension to fullfill its debt obligations. Perisai commenced a consent solicitation process on Sept 10 to seek, among others, the approval of its medium term note holders to waive the non-payment of principal and interest due on Oct 3, 2016. A meeting of the noteholders will be convened on Oct 3 for the purpose of passing extraordinary resolution, and Perisai will need to get 75% approval approval for the resolution to be passed. In a note today, Kenanga Research said the firm does not see any near-term rerating catalysts for Perisai, and selling pressure on the stock remains heavy over its lingering financial situation.

Source: The Edge Markets September 13, 2016 03:45 UTC