Perisai is undertaking a corporate exercise (CIMB)

Perisai Petroleum Teknologi is undertaking a corporate exercise that could see it raise up to RM31.06m via the proposed issuance of US$10m (RM35.47m) nominal value of zero coupon two-year redeemable convertible bonds. The company is also looking to undertake a share buyback and is looking to adopt a new article of association to facilitate the share buyback. Perisai said it had received a letter of intent from Tael One Partners that it was interested in subscribing to the proposed RCB issue at 88% of its nominal value. Based on the proceeds of US$8.8m (RM31.06m), about RM25m would be utilised for future investments/expansion, RM5.36m for working capital and about RM700,000 for estimated expenses relating to the corporate exercise. (Financial Daily)