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Emas Offshore serves SJR Marine writ of summons

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THE Malaysian subsidiary of Singapore-listed Emas Offshore Ltd (EOL) has served its associate, SJR Marine, a writ of summons for more than US$149,000.

THE Malaysian subsidiary of Singapore-listed Emas Offshore Ltd (EOL) has served its associate, SJR Marine, a writ of summons for more than US$149,000.

Kuala Lumpur-listed Perisai Petroleum said in a stock exchange announcement the claim under the writ of summons is for US$146,925.27, being charter rates and other amounts allegedly due under charterparty agreements between EOL and SJR Marine.

SJR Marine is 49 per cent owned by EOL, a subsidiary of Singapore-listed group Ezra Holdings, with Perisai Petroleum holding the majority 51 per cent stake.

The announcement pertaining to the writ of summons came after Perisai on Oct 14 declared insolvency, throwing out questions if the troubled Malaysian entity could exercise a put option to sell its 51 per cent stake in SJR Marine to EOL.

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Perisai had also been served a winding up petition by a bondholder who contends the Malaysian company has failed to make payment on bonds of S$15 million plus interest.

EOL had acknowledged in a Singapore stock exchange announcement in early October it owns 11.8 per cent shares in Perisai in addition to the 49 per cent interest in SJR Marine. The value of the put option is US$43 million, the Singapore-listed subsidiary of Ezra Holdings said.

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