Indonesian tycoon Kris Wiluan’s KS Energy files for liquidation
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KS Energy, founded by Indonesian tycoon Kris Wiluan (right), has filed for liquidation, nearly two years after Mr Wiluan was fined for market rigging.
ST PHOTO: KELVIN CHNG
Tay Peck Gek
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SINGAPORE – Oil services company KS Energy – which is under judicial management
The Singapore Exchange mainboard-listed company made the application on Jan 27, days after it announced that the deal to transfer its listing status for $3 million to logistics company Jacobson Global Logistics (Singapore) was off.
KS Energy and a key operating subsidiary, KS Drilling, were placed under judicial management in October 2020 despite the objection of its Indonesian founder, tycoon Kris Wiluan. The court application was made by OCBC Bank, which sought to recover some US$235 million (S$312.6 million) in debt.
Mr Wiluan had led KS Energy for decades. In 2021, Mr Wiluan – who was then chief executive and chairman of KS Energy – was fined $480,000 by the State Courts
At its peak, KS Energy had a market capitalisation of just under $1 billion and about 1,000 employees. The counter has been suspended since August 2020, when its market value stood at $17 million.
Creditors or shareholders of KS Energy who want to support or oppose the winding-up application may appear at the hearing, said the winding-up notice published in the Government Gazette on Friday.
Judicial managers for KS Energy have applied to be discharged and instead appointed as the joint and several liquidators of the company.
The managers had stated in their announcement in January 2022 that the agreement to transfer the listing status could offer potentially better returns for shareholders. But in the event of liquidation, shareholders would be unlikely to receive any distribution after payment to the creditors.
Due to the non-fulfilment of all the conditions required for the agreement to be valid, the listing transfer deal was aborted. Other companies in distress have in the past also attempted to transfer their listing status, but without much success. THE BUSINESS TIMES
