More trouble for Ezra's Malaysia associate firm Perisai

AN associate company of debt-laden Ezra Holdings, Malaysia-listed Perisai Petroleum Teknologi Bhd, has landed in further trouble.

Perisai's 51 per cent-owned subsidiary SJR Marine (L) Ltd has received a notice from lawyers for OCBC Al-Amin Bank Berhad on the default of a loan, requiring that it repays US$20.5 million under the facility within 14 days of the notice dated Oct 27.

SJR is seeking legal advice on the matter and will make necessary announcements as and when necessary, said Perisai in an announcement on the same day.

In a separate announcement, Perisai also said it has received a winding up petition by a bondholder, who contends that the company has failed to make payment on bonds of S$15 million plus interest.

In an announcement on the Singapore Exchange late on Oct 28, both Ezra and its subsidiary Emas Offshore said they are monitoring the situation and assessing the impact on the group.

Perisai has declared itself insolvent after defaulting on S$125 million bonds due earlier on Oct 3.

Meanwhile, a proposed sale of a vessel by Ezra and an Emas Offshore unit for US$166.3 million has hit a roadbump, with the long stop date for the agreement being extended to Nov 30.

Under the binding share purchase agreement, Emas Offshore Production Service (Vietnam) will sell its 41.7 per cent stake in PV Keev, which owns the Lewek Emas vessel, and Ezra will sell another 38.3 per cent as well as its entire stake in redeemable cumulative preference shares.