Sona sweetens deal for investors

KUALA LUMPUR: Sona Petroleum Bhd, which is making its second attempt at a qualifying acquisition (QA), has sweetened its proposed capital repayment that is conditional on shareholders’ approving its US$25mil (RM96.9mil) purchase of Stag Oilfield assets in western Australia.

The special purpose acquisition vehicle told Bursa Malaysia yesterday that under the management team’s revised plan, the proposed cash distribution had been fixed at eight sen per share compared with zero to 7.1 sen previously. This time the amount does not vary based on the level of share repurchase.