Perisai Petroleum Teknologi hit with demand notice from investors

Kuala Lumpur-listed offshore firm Perisai Petroleum Teknologi has been served a notice of demand by holders of its S$125m ($91.9m) notes after the company breached the terms and conditions of the notes.

Perisai failed with a proposal asking its Singapore bondholders to delay the maturity of the notes, due earlier in the month and February next year, and subsequently defaulted on the October payment.

The letter of demand calls in the notes as due and payable with immediate effect, as specified in the terms and conditions of the notes.

Perisai Petroleum says it is seeking legal advice.


Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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