Keppel is a major shareholder of KrisEnergy holding close to 40% of its shares. KrisEnergy is an upstream oil and gas company with 11 assets in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam. The company is in serious financial trouble, with this week creditor Rubicon Vantage presented a winding-up petition.
Unfortunately, I am also a shareholder of KrisEnergy since 2014, one of my worst investments. I bought the shares at SGD0.764 and it tanked to SGD0.030 last year August and trading suspended.
Fortunately, I only own 2000 shares translating to SGD1,528, and I am all ready to accept total losses.
NOW, the company is asking for another USD87 millions of loan subject to restructuring completion and shareholder approval.
Separately, KrisEnergy, which is in the process of restructuring its debt, will hold a virtual informal investor meeting for security holders this Friday at 6.30pm.
QUESTIONS? Will Keppel, DBS or rest of the shareholders save the company?...