The management, led by Datuk Seri Hadian Hashim (caricature), said that Sona was set to tutup kedai (close shop) and was in the midst of appointing a liquidator.(Sona had earlier sought to buy a 100% interest (plus operatorship) in the Stag Oilfield, an offshore Western Australia oilfield which was already producing oil at the rate of 4,600 barrels per day as of June 2015, for US$25mil (RM104mil). Inset filepic)
KUALA LUMPUR: The winding-up of Sona Petroleum has officially started after the board of directors presented a petition to the court to dissolve the special purpose acquisition company (SPAC).
Sona Petroleum said on Tuesday the company had presented the petition to the High Court of Malaya at Kuala Lumpur (Commercial Division) under Section 218(1)(h) of the Companies Act 1965 to among others, wind up the company and to appoint liquidators.
Under the Act, the court may order a winding up upon the occurrence of events which the memorandum or articles provide that the company is to be dissolved.
It said this was in line with the company’s Memorandum and Articles of Association which provides that it shall be dissolved, wound up and liquidated under if it does not complete a qualifying acquisition within the permitted timeframe.
Sona Petroleum nominated Lim San Peen and Datuk Mohd Anwar Yahya of PricewaterhouseCoopers Advisory Services Sdn. Bhd. as joint and/or several liquidators of the company, subject to the approval of the High Court.
It will then take steps to comply with the Companies (Winding-Up) Rules 1972, including to advertise and gazette the Petition.
Under the due process, the High Court will fix a hearing date for the petition.
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