KUALA LUMPUR (Dec 4): The recent redesignation of Cliq Energy Bhd as a non-Shariah compliant entity by the Securities Commission was due interest income received during the firm's initial public offering (IPO).

In a statement to Bursa Malaysia today, oil and gas (O&G) entity Cliq Energy said it received interest income amounting to RM688,555 via IPO funds deposited in conventional bank accounts.

"As disclosed in CLIQ’s Annual Report 2014 (refer to Note 4, page 74), the aforementioned interest income was derived from funds received from selected investors by our placement agents, Maybank Investment Bank Berhad and Hong Leong Investment Bank Berhad, during the initial public offering process prior to transferring the funds to the trust account," Cliq Energy said.

According to Cliq Energy's website, the special purpose acquisition company was listed on Bursa Malaysia's Main Market on April 10 last year.

Cliq Energy, being an independent O&G exploration and production company, focuses on the acquisition and development of O&G assets across Asia and Oceania.

At 12.30pm, Cliq Energy shares was flat at 61 sen for a market capitalisation of RM395 million.
 
The stock had fallen 10% this year, underperforming the FBM KLCI's 6% decline.