Siva Kumar emerges as Cliq Energy’s top three shareholder

Aerial view of Phystech's field gathering and separating station at the oilfield at the Karazhanbas Northern Field in Kazakhstan.

KUALA LUMPUR: Siva Kumar M. Jeyapalan, formerly Masterskill Education Group Bhd’s executive chairman and biggest shareholder, has emerged as a substantial shareholder of Cliq Energy Bhd by acquiring 34.6 million shares, or a 5.48% stake in the company.

According to a Bursa Malaysia filing by the special-purpose acquisition company, Siva Kumar bought the shares on March 31.

Based on the counter’s closing price of 69 sen on that date, his stake would be worth RM23.87mil.

That would make Siva Kumar Cliq’s third largest shareholder after Cliq management team’s vehicle Best Oracle Sdn Bhd (20%) and Credit Suisse Group AG (6.66%).

Siva Kumar had resigned as Masterskill’s (now Asiamet Education Group) director in June last year, a few months after selling his 30.75% stake in the company.

Earlier this week, Cliq Energy announced that Best Oracle had applied for a judicial review which basically challenged the Securities Commission’s (SC) decision to request for updated technical and asset valuation reports.

Cliq announced on Feb 24 that it would move towards liquidation, noting that the SC had returned its application for the proposed purchase of a 51% stake in a special-purpose vehicle that will host two producing oil fields in Kazakhstan. The regulator did not give a time extension.

Cliq shares shed half a sen to close at 68 sen on Thursday, with 880,000 shares changing hands.