ALL is not well yet for Perisai Petroleum Teknologi Bhd, as the Malaysia-based upstream oil and gas services provider is hit with a triple whammy, hampering its return to profitability.

First, it was the debilitating plunge of the global oil price. Then came the news about Perisai turning insolvent and classified under the Practice Note 17 (PN17) category.

Now, its major shareholder is about to go bankrupt.

The Singapore-listed Ezra Holdings Ltd, which holds a 22.5% stake in Perisai, voluntarily filed for bankruptcy in the United States (US) under Chapter 11 of the US Bankruptcy Code, last week. The oilfield services group had been forced to file a bankruptcy petition following the prolonged oil price slump which delivered a huge blow to its financial standing.

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