KUALA LUMPUR (April 5): After its proposed regularisation plan was rejected by Bursa Malaysia in January, Perisai Petroleum Teknologi Bhd has been granted an extension of time until December 31, 2019 by the Listing Committee (LC) to submit a new regularisation plan to the relevant authorities for approval.

In the event that the company fails to submit the regularisation plan and obtain the approval from relevant authorities within the time frame given, LC had decided that Perisai will be de-listed from the official list of Bursa Malaysia.

In a filing with Bursa Malaysia today, Perisai, which has fallen into Practice Note 17 category, said it has appealed against the rejection by the stock exchange.

According to Perisai, the extension was granted after the LC has taken into consideration the improving prospects of the global oil and gas (O&G) industry wherein the O&G activities in Malaysia are expected to increase over the next three years.

Furthermore, Perisai is one of the only two Malaysian jack-up drilling companies and it has one of the few gas floating production storage offloadings (FPSO) units in the region that is ready to be chartered.

“The company had identified and was in the midst of negotiations with prospective charters for the FPSO and the decision of the contract award was expected within the fourth quarter of 2019,” said Perisai in the filing.

The extension of submission deadline is also given on the ground that Perisai has secured the approval of 88% of the scheme creditors for the proposed scheme of arrangement. And the scheme creditors remained bound by the terms of the agreement.

Perisai has been loss making since the financial year ended December 31, 2015.

Shares of Perisai had been suspended from trading since Jan 22. It was last traded at 0.5 sen. Once the stock was trading above RM1.70 in early 2014 before the collapse of crude oil prices.