KUALA LUMPUR (Jan 17): Perisai Petroleum Teknologi Bhd will officially be delisted from the ACE Market of Bursa Malaysia on Jan 22, after the trading bourse had dismissed its appeal for an extension until June 30 to submit a new regularisation plan.

In a letter to the company, Bursa Malaysia said it saw no reasonable justification to give the company another six months after granting it a nine-month extension earlier since Perisai had not demonstrated any material progress to regularise its financial status.

"There was a 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 (floating production storage and offloading).

"Discussions with potential white knights to participate in and formulate the company’s new regularisation plan were still at a preliminary stage," Bursa Malaysia explained.

However, upon its delisting, the company will continue to exist and may continue its operations as an unlisted entity.

The company will also still be able to 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 the stock exchange.

The former market darling was said to be the first oil and gas (O&G) company to fall victim to the crash in crude oil prices back in 2014.

Its shares have been suspended since Jan 22 last year after Bursa Malaysia rejected the PN17-listed group’s proposed regularisation plan.

Bursa previously had given the company till Dec 31, 2019 to submit a new regularisation plan to the relevant authorities for approval, failure which could lead to the removal of the stock from the stock exchange.

Perisai was classified as a PN17 company on Oct 12, 2016 after it defaulted in payment of the principal and interest for S$125 million multi-currency medium term notes.