KUALA LUMPUR: Sona Petroleum Bhd’s eligible shareholders are expected to receive 97% or RM526.95mil of the monies held in the company’s cash trust account by November.
The special purpose acquisition company, whose shareholders in April rejected its proposed purchase of Stag Oilfield assets in Australia, announced on Monday that the High Court last Thursday granted an order to wind up the company.
The court also approved the appointment of Lim San Peen and Datuk Mohd Anwar Yahya of PricewaterhouseCoopers Advisory Services Sdn Bhd as the joint and/or several liquidators of Sona.
In a filing with Bursa Malaysia, Sona said the liquidators intended to distribute the monies in the cash trust account, totalling RM543.25mil, in two tranches.
It said 97% of the monies would be given to eligible shareholders by November 2016, and the balance 3% within two years from the first distribution after deducting direct expenses related to the liquidation distribution and obtaining tax clearance.
As at this time, the gross distribution value is equivalent to RM0.4938 per share (excluding tax and other distribution cost).
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