EMAS Offshore shares fall as associate seeks bailout

SINGAPORE (Oct 4): Shares in EMAS Offshore fell 1.3% to 7.6 cents on Tuesday after its Malaysia-listed associate said it is seeking funds to pay its bondholders.

Perisai Petroleum Teknologi, which is 11.8% owned by EMAS, is in talks with a financial institution for funds after holders of its $125 million bond rejected its request for a four-month extension on the maturity date.

Perisai is down 24% at MYR0.095. Perisai has a put option worth US$43 million ($58.8 million) for its stake in a joint venture with EMAS Offshore called SJR Marine.

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