Perisai Petroleum's creditors agree to scheme of arrangement

PETALING JAYA: Some 88.19% creditors voted in favour of financially troubled Perisai Petroleum Teknologi Bhd's proposed scheme of arrangement at its court convened meeting (CCM) today.
"This satisfies the statutory requirement under Section 366(3) of the Companies Act 2016 which provides that proposed scheme of arrangement be agreed by 75% of the total value of the Perisai scheme creditors present and voting either in person or by proxy at the CCM," it said in a filing with the stock exchange.
A CCM is a meeting summoned by the High Court of Malaya for the lenders and creditors of Perisai Petroleum to vote, either in favour or against its proposed scheme of arrangement.
Last month, Perisai Petroleum, a Practice Note 17 (PN 17) company, announced its plans to cancel off accumulated losses, issue shares and irredeemable and redeemable unsecured loan stocks to settle debt and a rights issue to raise funds to focus its business on the oil drilling rig and the FPSO (floating production storage and offloading) unit, namely Perisai Kamelia, as part of its business rationalisation exercise.
As at June 30, 2017, its accumulated losses stood at RM962.83 million.
Perisai Petroleum shares gained 11.1% to close at 5 sen on some 20.02 million shares done.