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Announcement
Date: 02 May 2019

OTHERS PERISAI PETROLEUM TEKNOLOGI BHD ("PERISAI" OR "THE COMPANY") - MONTHLY ANNOUNCEMENT ON THE STATUS OF DEFAULT IN PAYMENT PURSUANT TO PARAGRAPH 9.19A OF BURSA MALAYSIA SECURITIES BERHAD' S MAIN MARKET LISTING REQUIREMENTS ("MMLR")


Type Announcement
Subject OTHERS
Description PERISAI PETROLEUM TEKNOLOGI BHD ("PERISAI" OR "THE COMPANY")
- MONTHLY ANNOUNCEMENT ON THE STATUS OF DEFAULT IN PAYMENT PURSUANT TO PARAGRAPH 9.19A OF BURSA MALAYSIA SECURITIES BERHAD' S MAIN MARKET LISTING REQUIREMENTS ("MMLR")

Reference is made to our announcements of 12 October 2016, 3 January 2017, 8 February 2017, 24 February 2017, 1 March 2017, 3 April 2017, 2 May 2017, 1 June 2017, 3 July 2017, 1 August 2017, 5 September 2017, 2 October 2017, 1 November 2017, 4 December 2017, 2 January 2018, 2 February 2018, 2 March 2018, 2 April 2018, 2 May 2018, 1 June 2018, 2 July 2018, 1 August 2018, 3 September 2018, 1 October 2018, 1 November 2018, 3 December 2018, 2 January 2019, 11 January 2019, 1 March 2019 and 2 April 2019 made by the Company in relation to the Company being classified as a PN17 affected listed issuer and the announcements of 1 November 2016 and 1 December 2016 pursuant to the requirements under PN17 ("Announcements"). Unless defined herein, all italicised and capitalised terms used here shall bear the same meaning as ascribed to the same in the Announcements.

 

On 11 October 2017, SJ Securities Sdn Bhd ("SJ Securities") announced on behalf of the Board of Directors of Perisai that an application for an extension of time to comply with Paragraph 8.04(3) and PN17 of the MMLR has been submitted to Bursa Securities ("the Application").

 

On 16 October 2017, SJ Securities announced on behalf of the Board of Directors of Perisai that Bursa Securities had vide its letter dated 13 October 2017 noted the submission of the Application by the Company and informed that the suspension on the trading of the Company's securities and de-listing of the Company in accordance with Paragraph 8.04(5) of the MMLR shall be deferred pending the decision on the Application.

 

On 10 November 2017, SJ Securities announced on behalf of the Board of Directors of Perisai that Bursa Securities had vide its letter dated 9 November 2017, granted the Company an extension of time of up to 11 February 2018 to submit a regularisation plan to the regulatory authorities.

 

On 9 February 2018, SJ Securities announced on behalf of the Board of Directors of Perisai that an application for an extension of time to comply with Paragraph 8.04(3) and PN17 of the MMLR has been submitted to Bursa Securities on 9 February 2018 ("Second Application").

 

On 14 March 2018, SJ Securities announced on behalf of the Board of Directors of Perisai that after due consideration of all facts and circumstances of the Second Application, Bursa Securities has vide its letter dated 14 March 2018, granted the Company an extension of time of up to 11 June 2018 to submit a regularisation plan to the regulatory authorities.

 

On 18 May 2018, SJ Securities announced on behalf of the Board of Directors of Perisai pursuant to Paragraph 4.2(a) of PN17, which sets out the Company's Proposed Regularisation Plan comprising the following proposals:-

 

1. Proposed Share Capital Reduction and Consolidation;

2. Proposed Fund Raising Exercise;

3. Proposed Debt Settlement;

4. Proposed Share Issuance;

5. Proposed RCULS Issue;

6. Proposed ICULS Issue; and

7. Proposed Liquidation of Subsidiaries.

 

On 11 June 2018, SJ Securities announced on behalf of the Board of Directors of Perisai that an application for an extension of time to comply with Paragraph 8.04(3) and PN17 of the MMLR has been submitted to Bursa Securities on 11 June 2018 ("Third Application").

 

On 27 June 2018, SJ Securities announced on behalf of the Board of Directors of Perisai that after due consideration of all facts and circumstances of the Third Application, Bursa Securities has, vide its letter dated 27 June 2018, granted the Company an extension of time of up to 11 August 2018 to submit a regularisation plan to the regulatory authorities ("Extension of Time").

 

The Extension of Time is without prejudice to Bursa Securities' right to proceed to suspend the trading of the listed securities of Perisai and to de-list the Company in the event:-

  1. Perisai fails to submit a regularisation plan to the regulatory authorities on or before 11 August 2018;
  2. Perisai fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; and
  3. Perisai fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities.

Upon occurrence of any of the events set out in (i) to (iii) above, Bursa Securities shall suspend the trading of the listed securities of Perisai on the 6th market day after the date of notification of suspension by Bursa Securities and de-list the Company, subject to the Company's right to appeal against the delisting.

 

On 1 August 2018, SJ Securities announced on behalf of the Board of Directors of Perisai that the application in relation to the Proposed Regularisation Plan has been submitted to Bursa Securities on even date for approval. 

 

On 11 January 2019, the Company announced that it has received a suspension and de-listing notice dated 11 January 2019 from Bursa Securities wherein Bursa Securities vide their letter dated 11 January 2019 has rejected the proposed regularisation plan. In the circumstances and pursuant to Paragraph 8.04(5) of the MMLR:

  1. the trading in the securities of the Company will be suspended with effect from 22 January 2019; and
  2. the securities of the Company will be de-listed on 13 February 2019 unless an appeal against the rejection of the regularisation plan and de-listing is submitted to Bursa Securities on or before 10 February 2019 ("the Appeal Timeframe"). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.

In the event the Company submits an appeal to Bursa Securities within the Appeal Timeframe, the removal of the securities of the Company from the Official List of Bursa Securities on 13 February 2019 shall be deferred pending the decision on the Company's appeal.

 

On 8 February 2019, SJ Securities announced on behalf of the Board of Directors of Perisai that an appeal has been submitted to Bursa Securities on its decision to reject Perisai's Proposed Regularisation Plan. ("Appeal on Regularisation Plan")

 

On 5 April 2019, SJ Securities announced on behalf of the Board of Directors of Perisai that after due consideration of all facts and circumstances of the matter including the Company's written and oral representations, Bursa Securities has, vide its letter dated 5 April 2019, the Listing Committee ("LC") had decided to dismiss the Appeal on Regularisation Plan and granted the Company an extension of time until 31 December 2019 to submit a new regularisation plan to the relevant authorities for approval ("the Extended Timeframe").

The LC further decided to de-list the securities of Perisai from the Official List of Bursa Securities pursuant to Paragraph 8.04(5) of the MMLR in the event:

  1. the Company fails to submit the regularisation plan to the relevant authorities for approval within the Extended Timeframe i.e. on or before 31 December 2019;
  2. the Company fails to obtain the approval for the implementation of its regularisation plan and does not appeal within the timeframe (or extended timeframe, as the case may be) prescribed to lodge an appeal;
  3. the Company does not succeed in its appeal; or
  4. the Company fails to implement its regularisation plan within the timeframe or extended timeframes stipulated by the relevant authorities.

Upon occurrence of any of the events set out in paragraph (1) to (4) above, the securities of the Company shall be removed from the Official List of Bursa Securities upon the expiry of 2 market days from the date the Company is notified by Bursa Securities or on such other date as may be specified by Bursa Securities.

 

Further development will be announced, as and when necessary.

 

This announcement is dated 2 May 2019.




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