CLIQ Energy faces shareholder revolt

The deadline for the company to complete its acquisition of an asset ended on April 9. The independent directors, led by chairman Datuk Azmi Mohd Ali(pic), had stated that they want to go ahead with the move to liquidate the company and return the money back to shareholders.

PETALING JAYA: A substantial shareholder of CLIQ Energy Bhd, a special-purpose acquisition company (SPAC), is rallying other shareholders to vote against all resolutions in the upcoming shareholders’ meeting.

It is learnt that one substantial shareholder, M Siva Kumar, who has more than 7% in the oil and gas (O&G) SPAC, has been contacting other shareholders to support his move.