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: Trading in the shares of Sona Petroleum Bhd will be suspended at 9am on Sept 27 as the company undergoes liquidation and to distribute 97% of the monies held in its cash trust account to eligible shareholders by November.
The last trading day of the special purpose acquisition company will be on Sept 26, Monday, according to the listing circular issued by Bursa Malaysia Securities on Tuesday.
Sona Petroleum’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 remaining 3% would be distributed within two years from the first distribution after deducting direct expenses related to the liquidation distribution and obtaining tax clearance.
Its shareholders had in April rejected its proposed purchase of Stag Oilfield assets in Australia.
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.
Credit Suisse AG is deemed interested in 17.24% or 243.25 million shares of Sona Petroleum.
At 11.31am, Sona was up one sen to 47.5 sen with 7.92 million shares done.
Limited time offer:
Just RM5 per month.
