Ezra gets SGX extension to release full-year results by Nov 29

EZRA Holdings Limited has been granted an extension of time from the Singapore Exchange (SGX) to announce its unaudited financial results for the full year ended Aug 31.

As a result of the extension, the group will be announcing its results by Nov 29, Ezra said on Saturday.

The beleaguered firm had sought an extension as its Malaysian associate Perisai Petroleum Teknologi Bhd landed in further trouble, raising the question of whether Ezra needed additional impairment in its investment in Perisai; the vessels jointly owned by the group and Perisai; as well as the existing contracts performed by these vessels.

Kuala Lumpur-listed Perisai is facing a winding-up petition from an unhappy bondholder while its 51 per cent-owned unit SJR Marine (L) Ltd received legal notice from a bank requiring repayment on a loan.

Perisai has declared itself insolvent after defaulting on S$125 million worth of 6.875 per cent bonds due earlier on Oct 3; its bondholders had on the same day rejected its proposal to restructure the notes.

Ezra is Perisai's largest shareholder with a 19.47 per cent stake through two units. With the Perisai bond default, Ezra's joint-venture loan facilities with Perisai have also reportedly been affected through cross-default clauses.