Ezra may reassess investment in Bursa Malaysia-listed Perisai

KUALA LUMPUR (Oct 19): Ezra Holdings said it may need to reassess its investment in Bursa Malaysia-listed Perisai Petroleum Teknologi as it seeks waivers from bondholders on some of its debt covenants amid “strong headwinds” from low oil prices, weak charter rates and industry overcapacity.

The Singapore-listed oil-service provider held a 23.01% stake in Perisai as at March 31.

Two weeks ago, Perisai declared itself insolvent following the default on the principal and interest of the $125 million bond issued by its wholly-owned subsidiary Perisai Capital (L) Inc, after failing to obtain the approval of its noteholders for the proposed non-payment of principal and interest on the maturity date and proposed postponement of the maturity date of the notes to Feb 3, 2017.

---

Related Stories

• Chinese Developers Slump as Shimao Bond Plunge Spooks Investors
• CDL plans bond issue as Sincere Property defaults, and blame game begins
• Lack of reaction from CDL's price implies Sincere's bond default is factored in

---