KUALA LUMPUR (Nov 11): Special-purpose acquisition company (SPAC) CLIQ Energy Bhd, which is in the midst of being wound up, expects to distribute the rest of the money in its cash trust account to entitled shareholders after receiving the tax clearance from the Inland Revenue Board (IRB), which it is hopeful of getting not later than the second quarter of next year.

In a filing with Bursa Malaysia today, CLIQ said a proof of debt exercise has been carried out and the company is in the process of validating and/or resolving the claims, as well as attending to the tax compliance matters.

"The company is hoping to receive the tax clearance from the IRB not later than the second quarter of 2018 and final distribution from the cash trust account to the contributories can only be determined and executed, inter alia, after obtaining the tax clearance," it added.

On Sept 27, 2016, the liquidators of CLIQ announced that it had intended to distribute the monies held in the cash trust account in two tranches. The monies in the trust account amounted to RM362.8 million on that date.

The SPAC had on Nov 14, 2016 made its first distribution, representing approximately 98% of the monies held in cash trust account as at Sept 13, 2016, to entitled shareholders for 73.3 sen apiece.

The balance 2% of the monies was expected to be distributed within one year from the first distribution.

CLIQ, which is the second oil and gas SPAC to list on Bursa Malaysia, was ordered to be the liquidated by the Securities Commission Malaysia after the regulator declined its request for more time to make a qualifying acquisition in February last year. This was followed by three failed attempts by its major shareholder Best Oracle Sdn Bhd to stop CLIQ's liquidation process. Trading in its shares was suspended on Oct 5 last year.