PERISAI

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PRACTICE NOTE 17 / GUIDANCE NOTE 3 : REGULARISATION PLAN

PERISAI PETROLEUM TEKNOLOGI BHD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
REGULARISATION PLAN
Description
PERISAI PETROLEUM TEKNOLOGI BHD ("PERISAI" OR "COMPANY")

PROPOSED REGULARISATION PLAN PURSUANT TO PARAGRAPH 8.04 AND PRACTICE NOTE 17 ("PN17") OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("MMLR")

We refer to the announcements made on 5 April 2019 and 19 December 2019 to Bursa Malaysia Securities Berhad (“Bursa Securities”).

 

On behalf of PERISAI, SJ Securities Sdn Bhd wishes to announce that Bursa Securities, vide its letter dated 17 January 2020 (“Bursa’s Letter”), informed that after due consideration of all facts and circumstances of the matter including the written representations of PERISAI, Bursa Securities had decided to:

 

(a) dismiss the Company’s further appeal for an extension of time of six (6) months until 30 June 2020 to submit a new regularisation plan; and

 

(b) de-list the securities of the Company from the Official List of Bursa Securities pursuant to paragraph 8.04 of the Main LR.

 

In the circumstances, please be informed that the securities of PERISAI will be removed from the Official List of Bursa Securities upon the expiry of two (2) market days from the date hereof, i.e. Wednesday, 22 January 2020.

In arriving at the aforesaid decision, Bursa Securities had considered, amongst others, the following factors: -

 

(1) There was no reasonable justification to allow a further extension of time as there was no material development/progress demonstrated by the Company to regularize its financial condition since/despite the 9 months extension of time granted, particularly in view of the following: -

  • There was lack of certainty in the formulation of the regularisation plan as the Company was still in negotiation to secure a charter contract for the FPSO; and
  • Discussions with potential white knights to participate in and formulate the Company’s new regularisation plan were still at a preliminary stage.

(2) Since the First Announcement on 12 October 2016, PERISAI has had approximately 3 years and 3 months to regularize the Company’s financial condition in accordance with paragraph 8.04 of the Main LR and PN17.

 

(3) The financial information of PERISAI as provided vide SJ Securities’ letter dated 23 December 2019.

 

(4) All PN17 companies are required to regularize their financial condition and level of operations expeditiously within the timeframes prescribed in paragraph 8.04 of the Main LR and PN17 or extended timeframe as may be granted by Bursa Securities.

 

(5) The requirement for companies to have an adequate level of financial condition and operations serves to ensure that companies listed on the Official List are of a certain minimum quality as well as to preserve and sustain market integrity and investors’ confidence.

 

(6) In Bursa Securities’ opinion, adequate time and opportunity had been accorded to PERISAI to regularize the Company’s financial condition.

 

With respect to the securities of the Company which are currently deposited with Bursa Malaysia Depository Sdn. Bhd. (“Bursa Depository”), the securities may remain deposited with Bursa Depositary notwithstanding the de-listing of the securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn form Bursa Depository.

 

Alternatively, shareholders of the Company who intend to hold their securities in the form of physical certificates can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at any time after the securities of the Company have been de-listed from the Official List of Bursa Securities. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities’ General Line at 03-2034 7000 for further information on the withdrawal procedures.

 

Upon the de-listing of the Company, the Company will continue to exist but as an unlisted entity. The Company is still able to continue its operations and businesses and proceed with its corporate restructuring and its shareholders can still be rewarded by the Company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.

 

This announcement is dated 17 January 2020.






Announcement Info

Company Name PERISAI PETROLEUM TEKNOLOGI BHD
Stock Name PERISAI
Date Announced 17 Jan 2020
Category General Announcement for PLC
Reference Number GA1-17012020-00104