Sona gives up,shareholders to get money after liquidation

The management, led by Datuk Seri Hadian Hashim (caricature), said that Sona was set to tutup kedai (close shop) and was in the midst of appointing a liquidator.(Sona had earlier sought to buy a 100% interest (plus operatorship) in the Stag Oilfield, an offshore Western Australia oilfield which was already producing oil at the rate of 4,600 barrels per day as of June 2015, for US$25mil (RM104mil). Inset filepic)

SHAH ALAM: Amid falling investor confidence on special-purpose acquisition companies (SPACs), Sona Petroleum Bhd has given them a reason to be optimistic after the management gave its commitment to return money to shareholders, following its failure to get a qualifying asset (QA).

The management, led by Datuk Seri Hadian Hashim (caricature), said that Sona was set to tutup kedai (close shop) and was in the midst of appointing a liquidator.