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Announcement
Date : 15 September 2015

OTHERS PERISAI PETROLEUM TEKNOLOGI BHD ("PERISAI" OR "THE COMPANY") - SUBSCRIPTION OF ADDITIONAL SHARES IN LARIZZ ENERGY SERVICES SDN BHD

PERISAI PETROLEUM TEKNOLOGI BHD

Type Announcement
Subject OTHERS
Description
PERISAI PETROLEUM TEKNOLOGI BHD ("PERISAI" OR "THE COMPANY")
- SUBSCRIPTION OF ADDITIONAL SHARES IN LARIZZ ENERGY SERVICES SDN BHD

1.  INTRODUCTION

Pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce that it has subscribed an additional 22,500 ordinary shares of RM1.00 each in Larizz Energy Services Sdn Bhd (“Larizz Energy”) (“Subscription of Shares”) at a total cash consideration of RM22,500.00.

Upon the said Subscription of Shares, Perisai’s equity interest in Larizz Energy has increased from 40% to 51% resulting in Larizz Energy becoming a subsidiary of Perisai.   The remaining 49% of the enlarged issued and paid-up share capital of Larizz Energy is held by Datuk Zainol Izzet Bin Mohamed Izzet (“Datuk Izzet”), the Managing Director of Perisai.

2.  INFORMATION ON LARIZZ ENERGY

Larizz Energy is a private limited company incorporated in Malaysia under the Companies Act, 1965. 

As of the date of this Announcement, the authorised share capital of Larizz Energy is RM400,000/- divided into 400,000 ordinary shares of RM1.00 each of which RM122,500/- comprising 122,500 ordinary shares of RM1.00 each has been issued and fully paid-up. 

The principal activities of Larizz Energy are the provision of upstream oil and gas services and other services in the oil and gas industry.

3.  RATIONALE FOR THE SUBSCRIPTION OF SHARES

The rationale for the Subscription of Shares by Perisai is to enable Larizz Energy to pursue opportunities offered by the oil and gas industry requiring certain capital structure as part of the requirements of such opportunities. 

4.  FINANCIAL EFFECTS

The Subscription of Shares will not have any effect on the earnings or net assets of Perisai for the financial year ending 31 December 2015.

5.  SOURCE OF FUNDING

The Subscription of Shares is funded by internally generated funds.

6.  APPROVALS REQUIRED

The Subscription of Shares is not subject to the approval of the shareholders of Perisai or any other relevant regulatory authorities.

7.  DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

Save for that as disclosed below, none of the Directors and/or major shareholders of the Company or persons connected to them have any interest, direct or indirect, in the Subscription of Shares :-

(a) Dato’ Dr. Mohamed Ariffin Bin Hj Aton (“Dato’ Ariffin”) is a Director of Perisai and Larizz Energy.  Dato’ Ariffin is a nominee of Perisai appointed on the Board of Larizz Energy.

(b) Datuk Izzet who is the Managing Director and a substantial shareholder of Perisai, is also a director and substantial shareholder of Larizz Energy. 

Given his interest, Datuk Izzet has abstained from all deliberations and decisions taken by Perisai in relation to the Subscription of Shares.

8.  DIRECTORS’ STATEMENT

After having considered the rationale for the Subscription of Shares, the Board is of the opinion that the Subscription of Shares is in the best interest of Perisai.

This announcement is dated 15 September 2015.






Announcement Info

Company Name PERISAI PETROLEUM TEKNOLOGI BHD
Stock Name PERISAI
Date Announced 15 Sep 2015
Category General Announcement for PLC
Reference Number GA1-15092015-00027


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