Salamander gets 2 other offers, including from Jho Low’s Jynwel

PETALING JAYA: London-listed Salamander Energy Plc has received two buyout offers, one of which is from a private financial invesment firm owned by Malaysian businessman, Jho Low.

The possible buyout of Salamander has another Malaysian angle: it could jeopardise the proposed “qualifying acquisition” by locally-listed Sona Petroleum Bhd, the special-purpose acquisition company, or SPAC, that in June had inked a proposal to buy a 40% stake in Salamander’s oil concession in the Gulf of Thailand.

Sona recently submitted its plans to pay US$281mil (RM895.2mil) for the stake to the Securities Commission (SC).

However, the latest offers for Salamander adds the pressure on Sona.

In a filing with Bursa Malaysia yesterday, Sona said it had taken cognisance of the said announcement by Salamander.

When contacted, Sona managing director Datuk Seri Hadian Hashim did not want to comment much on the pending outcome should there be any changes in ownership of Salamander.

“As far as I’m concerned, the deal is still on. It is more on who gets there first now. I will not comment on matters that are not yet finalised,” Hadian said.

Jho Low (pic) is pursuing Salamander through his Hong Kong-based private equity and investment company Jynwel Capital.

Salamander said in a press statement that it confirmed a “receipt of an approach” from a consortium led by Spanish-based Compania Espanola de Petroleos (CEPSA) and Jynwel Capital for the buyout purpose above.

Salamander said it had received another conditional proposal from a company called Ophir Energy Plc with respect to the latter’s potential offer for it.

However, the statement noted that Salamander had not received the details of the CEPSA consortium’s proposal or any confirmation that any offer will be forthcoming.

“There can be no certainty that any offer will be forthcoming, or as to the terms of any such offer. Accordingly, shareholders are advised to take no action at this time,” Salamander said in its press statement yesterday.

Salamander’s shares rose by as much as 24% on Monday to close at 96.5 pence.

Salamander said that in accordance with takeover rules, both Ophir and the CEPSA consortium are required to communicate a firm intention to make an offer by Nov 24.

Salamander said it still believed that the completion of the proposed acquisition by Sona was in the best interest of its shareholders.

“The Sona transaction remains on track for completion before the end of 2014, in keeping with the timetable and strategy previously outlined,” Salamander said.

In yesterday’s Bursa filing, Sona also said it had appointed BNP Paribas and RHB Bank (L) Ltd as lead arrangers for a US$140mil (RM448mil) loan facility to part-finance the proposed acquisition of the stake in Salamander’s Thai unit.

The proposed takeover talks for Salamander increase the attention on Jho Low’s Jynwel Capital, who is well known for his role as an advisor in the early years of formation of 1Malaysia Development Bhd.

However, Low has in recent months said he was no longer involved with the fund after it became a federal government entity in July 2009.

Jynwel Capital has also been in the news for being a part of a group that is launching a bid to buy Reebok from Adidas AG for about US$2.2bil (RM7.2bil).