Sona Petroleum to distribute monies to shareholders in April

It was reported in December 2013, that Sona was eyeing a new oil field asset in Indonesia to buy after failing to clinch a deal in September.

KUALA LUMPUR: Sona Petroleum Bhd, a special purpose acquisition company (SPAC), has obtained tax clearance and plans to make the final distribution of the remaining cash in April.

The oil and gas SPAC, which is being wound-up, said on Thursday the actual date of the distribution of the remaining monies in the cash trust account will be announced in due course. 

“The liquidator has called for a proof of debt.  Creditors of the company please send details, in writing, of any claim against the company to the liquidator as soon as possible but not later than April 5, 2018, the last day of admitting claims,” it said. 

Sona Petroleum said a creditor who does not make a claim by April 5 will not be included in the distribution. 

It added the liquidation of Sona E&O (Perth) Pty Ltd, a unit of Sona Goldhill Sdn Bhd had been completed.

However, the liquidation of Sona Goldhill is ongoing. 

In had in October 2016 obtained a High Court order to empower the SPAC’s liquidators for the completion of its winding-up process.

Sona had highlighted that the liquidators will be permitted to effect an interim distribution to eligible shareholders based on the record of depositors at Bursa Malaysia Depository Sdn Bhd as at Sept 29, 2016.

This was in respect of 97% of the monies transferred from the cash trust account operated by Deutsche Trustees Malaysia Bhd to a bank account opened and operated by the liquidators. The remaining 3% will be retained in the cash trust account pending final distribution to eligible shareholders.