KUALA LUMPUR: CLIQ Energy Bhd can now go ahead with its liquidation after Best Oracle Sdn Bhd agreed to discontinue its court appeal to stop the winding-up process.
The special purpose acquisition company said on Tuesday that Best Oracle had agreed to discontinue its’ appeal against the striking out application by the company to liquidate itself.
The liquidation would be pursuant to Section 218(1)(h) of the Companies Act, 1965 by filing the Notice of Discontinuance.
“After hearing both parties, the learned Deputy Registrar ordered the appeal be discontinued with no order as to cost.
“Separately, the High Court today, has fixed the decision for the petition to wind up CLIQ under Section 218(1)(h) of the Companies Act, 1965 on Sept 26, after hearing the arguments from the counsels for CLIQ and the counsels for Best Oracle,” it said.
On Monday, Sona Petroleum Bhd became the first SPAC to announce a definite date to distribute cash back to its shareholders after having failed to get a qualifying asset.
Sona said the company would wind up following a High Court order, and that the appointed liquidators had proposed to distribute the first tranche of payment involving 97% of the monies held in the cash trust account to eligible shareholders by November 2016.