The momentum for yield investors to vote NO for Shahul Hamid to use public money to finance his ' national service' are rising in Reach Energy.
Especially so since more and more oil and gas companies are going under, and shareholders now are starting to look at competence level.
Perisai Petroleum Teknologi Bhd defaulted on a S$125 million ($91.3 million) bond after noteholders rejected the Malaysian oil and gas service provider's request for a four-month extension on the maturity date.
Perisai received a notice dated Oct. 3 from the trustee of the noted notifying that an event of default has occurred, the company said in a statement to the Malaysian stock exchange on Tuesday. The bond was due on Monday.
Shares of the company slumped as much as 32 percent to an all-time low of 8.5 sen on Tuesday.
