This article first appeared in The Edge Financial Daily, on November 11, 2015.

KUALA LUMPUR: 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 the valuation certificate prepared by independent experts for the QA was dated April 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 Securities, 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 weekly, which highlighted that the Securities Commission Malaysia had requested the SPAC’s principal adviser, Maybank Investment Bank Bhd, 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 with Bursa, CLIQ also issued a statement to reiterate that it remained confident of the QA despite the declining oil prices and ringgit depreciation.

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

It had a market capitalisation of RM432.2 million.