Sona Petroleum gets its SPAC underwritten

Sona Petroleum Bhd's Underwriting Ceremony at Menara Petronas, KL. From left: Kenanga Investment Bank group MD Chay Wai Leong, RHB Investment Bank officer-in-charge Mike Chan, Sona Petroleum Bhd MD Datuk Seri Hadian Hashim, CIMB Investment Bank CEO Datuk Charon Wardini Mokhzani and MIDF Amanah Investment Bank corporate investment banking head Jeyaratnam Tamotharam Plllai

KUALA LUMPUR: Sona Petroleum Bhd, the latest special-purpose acquisition company (SPAC) to be approved for listing, is poised to hit a record-breaking RM550mil in initial public offering (IPO) proceeds for a SPAC, having just inked an underwriting agreement with four local banks.

Asked if the management was confident of hitting the ambitious fund-raising target, managing director Datuk Seri Hadian Hashim said: “Yes, the first two investors have given us that level of confidence. The response has been good.”