PETALING JAYA: Sona Petroleum Bhd, the fifth special purpose acquisition company or SPAC, intends to raise up to RM550mil via its initial public offering (IPO) that comprises up to 1.1 billion new shares.
In its draft prospectus, the company said it would utilise 90% of its proceeds to acquire rights or equity interests in small to medium-sized exploration and production assets.
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