KUALA LUMPUR (Nov 9): Oil and gas (O&G) special purpose acquisition company (SPAC) CLIQ Energy Bhd clarified that the revaluation of its qualifying acquisition (QA) is to ensure it adheres to the Main Market Listing Requirements of Bursa Malaysia.

In a filing with Bursa Malaysia on Monday, CLIQ said valuation certificate prepared by independent experts for the QA was dated Apr 1, 2015, and accordingly needs to be "updated" given the developments in the proposed acquisition transaction.

"Pursuant to Paragraph 10.04(3)(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd, an updated Valuation Report/Certificate will be prepared for the Proposed Acquisition.

"This is due to the fact that CLIQ must ensure that the date of valuation, which forms the basis of the valuation certificate to be included in the circular for the Proposed Acquisition, is not more than six months before the date of the circular issued to shareholders," it said.

CLIQ's clarification to the exchange was in response to a report in The Edge, which highlighted that the Securities Commission Malaysia had requested the SPAC's principal adviser Maybank Investment Bank to revalue the QA.

The QA involves CLIQ buying a 51% stake in a special purpose vehicle in the Republic of Kazakhstan from Phystech Firm LLP for US$117.3 million.

Other than its filing this evening, CLIQ also issued a press statement to reiterate that it remained confident of the QA despite declining oil prices and ringgit depreciation.

CLIQ shares closed unchanged at 68.5 sen today with 70,000 shares done.

It had a market capitalisation of RM432.2 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)