PETALING JAYA: Sona Petroleum Bhd, a special-purpose acquisition vehicle (SPAC), is expected to "close shop" soon after failing to make any qualifying acquisition (QA) which it has to complete until July 31 this year under the SPAC guideline.
Executive director and managing director, Datuk Seri Hadian Hashim, said Sona would go through the process of liquidation and the matter was being discussed as the company was solvent.
"The company is in the process of appointing a liquidator after July and how long it will take to liquidate would depend on the liquidator," he told reporters at its annual general meeting on Tuesday.
Hadian said the company has cash in hand of over RM500mil and each investor was expected to get back about 48 sen a share after deducting tax.
He said it was unfortunate the company has to be liquidated as it has got a good QA but the oil market was not on its side.
In April this year, the shareholders had rejected Sona's second attempt at securing a qualifying asset to buy 100% interest and operatorship in Australia's Stag Oilfield for US$25mil which was already producing oil at the rate of 4,600 barrels a day.
In January last year it terminated a deal to buy a stake in two oil and gas blocks in the Gulf of Thailand from London-listed Salamander Energy for US$280mil.
Sona is the the second SPAC to have failed to get shareholders' approval this year for proposed QA after CLIQ Energy, which is now undergoing a liquidation process. - Bernama
Executive director and managing director, Datuk Seri Hadian Hashim, said Sona would go through the process of liquidation and the matter was being discussed as the company was solvent.
"The company is in the process of appointing a liquidator after July and how long it will take to liquidate would depend on the liquidator," he told reporters at its annual general meeting on Tuesday.
Hadian said the company has cash in hand of over RM500mil and each investor was expected to get back about 48 sen a share after deducting tax.
He said it was unfortunate the company has to be liquidated as it has got a good QA but the oil market was not on its side.
In April this year, the shareholders had rejected Sona's second attempt at securing a qualifying asset to buy 100% interest and operatorship in Australia's Stag Oilfield for US$25mil which was already producing oil at the rate of 4,600 barrels a day.
In January last year it terminated a deal to buy a stake in two oil and gas blocks in the Gulf of Thailand from London-listed Salamander Energy for US$280mil.
Sona is the the second SPAC to have failed to get shareholders' approval this year for proposed QA after CLIQ Energy, which is now undergoing a liquidation process. - Bernama
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