Insolvent Malaysian offshore firm Perisai Petroleum Teknologi has moved a couple of steps closer to oblivion.
A private investor, Ravi Murarka, who invested S$15m in a failed Singapore bond issue has filed a winding up order against Perisai at the Kuala Lumpur High Court. Perisai defaulted on a S$125m bond earlier this month.
Adding to Perisai’s woes, a 51% owned subsidiary, SJR Marine has defaulted on a financing facility provided by OCBC Al-Amin Bank. The bank is seeking immediate repayment of $20.5m.
Perisai stock is trading at all time lows. Its demise is roiling another offshore firm in Singapore. The news from Kuala Lumpur could have big ramifications for Singapore’s Ezra Holdings, an offshore firm with heavy debts. Ezra and its subsidiary indirectly and directly own a total of 20.6% in Perisai.