CLIQ Energy to shortlist liquidator

PETALING JAYA: CLIQ Energy Bhd will be undertaking an evaluation process to shortlist a liquidator before it makes a further announcement on returning monies to its entitled shareholders.

The oil and gas-based special-purpose acquisition company (SPAC), which has decided to liquidate the business, said it had received “numerous proposals” from liquidators to undertake the liquidation process.

In a filing with Bursa Malaysia yesterday, the company said it would make another announcement once the selection of the liquidator was made.

The decision to liquidate the company was announced on Feb 24.

This was after the Securities Commission (SC) rejected the company’s request for a deadline extension to acquire its qualifying asset.

The SC had said it “would not consider an extension of time”.

This was in reply to the company’s letter to the regulator on Feb 15, seeking the extension.

CLIQ had to acquire the asset by April 9.

The SPAC said it would be resolving the process towards its liquidation and returning monies in the trust account to entitled shareholders according to the applicable laws and rules.

SPACs are cash shells that raise money to make acquisitions, with the end-goal of adding value to the newly-acquired asset and to eventually see significant returns for shareholders.

Earlier in February, Maybank Investment Bank Bhd (Maybank IB) withdrew from its advisory role to the company in relation to the proposed acquisition and proposed rights issue with warrants.

The resignation letter from Maybank IB came after the SC had returned CLIQ’s application for its maiden acquisition a week earlier.

The SC had said it was unable to proceed with its review on CLIQ’s acquisition proposal as it had yet to receive certain information and documents.