Business News

Published: Thursday March 7, 2013 MYT 12:00:00 AM
Updated: Thursday April 18, 2013 MYT 1:21:33 AM

CLIQ Energy aims to list on Bursa Malaysia by April 10

KUALA LUMPUR: CLIQ Energy Bhd targets to list on the Main Market of Bursa Malaysia on April 10.

The second special purpose acquisition company (SPAC) has already raised more than RM150mil in investments, which is the minimum amount required set out by the Securities Commission.

CLIQ, an oil and gas exploration and production company, expects its prospectus to be launched by end-March.

The company had on Thursday signed the underwriting and placement agreements with Hong Leong Investment Bank (HLIB) and Maybank Investment Bank (Maybank IB), being the co-placement agents for the initial public offering.

CLIQ chairman Datuk Azmi Mohd Ali said the underwriting and placement agreement paves the way for the impending listing on the local bourse.

"With the necessary approvals in hand, we are pleased with the significant strides being made to date in relation to our listing," he said.

Under the Securities Commission's guidelines for SPACs, 90% of proceeds would be placed in a trust account managed under an appointed custodian. It would have to secure a qualifying asset within three years after listing.

CLIQ Energy had stated it planned to raise over RM500mil from placement to selected retail and cornerstone investors, high net-worth individuals as well as public and private funds.

The public issue would be between 200 million and 667 million new ordinary shares of one sen each, along with between 200 million and 667 million free detachable warrants on the basis of one warrant for every new share subscribed under the public issue.

Tags / Keywords: News, Business, CLIQ Energy Bhd, list on the Main Market of Bursa Malaysia, early April, special purpose acquisition company, Business

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