CLIQ promoters seek EGM to stop liquidation

They also want extension of time period to complete QA

KUALA LUMPUR : CLIQ Energy Bhd’s promoters have moved to apply for a general meeting to stop the liquidation of the company’s assets and to extend the time period for completing a qualifying acquisition (QA).

In an exchange filing, the board of directors of CLIQ disclosed that it had received a requisition letter signed by Best Oracle Sdn Bhd (BOSB), Kandiah Subramaniam and Mohd Adam Mohd Said.

BOSB represents the interests of the group’s management team which includes Kandiah and Mohd Said. It has a 20% stake in the special purpose acquisition company.

The letter calls for a general meeting to be convened pursuant to Section 144 of the Companies Act 1965 to consider two resolutions.

The first is for CLIQ directors to use all endeavours to seek an extension of time from the Securities Commission (SC) to complete a QA.

The second resolution is for the company to not be dissolved, wound up, or liquidated pending the completion of the QA.

Pursuant to the letter, the group’s board will deliberate on the matter while an updated announcement will be made in due course, CLIQ said in the filing.

CLIQ’s shares closed unchanged at 70 sen yesterday with 3.54 million shares done.

In January this year, a planned acquisition of oil and gas assets in Kazakhstan failed to materialise after the SC deemed it to be incomplete.

Having failed to complete a QA within three years of listing as stipulated by the SC’s guidelines, CLIQ is currently expected to undertake a winding up process which will see the redistribution of some RM356mil in cash back to its shareholders.

On Sept 14, the Court of Appeal turned down BOSB’s application for a stay of the winding up proceedings by CLIQ.

Separately, the court had adjourned the hearing of appeal to Nov 8 as the grounds of judgment by the High Court had yet to be obtained by BOSB’s shareholders.