KUALA LUMPUR (June 25): Sona Petroleum Bhd will be de-listed from Bursa Malaysia on Thursday, June 28, the company said today.

“The entire issued share capital of Sona will be removed from the official list of Bursa Securities with effect from 9am, June 28, 2018 pursuant to Paragraph 16.11(1)(d) of the Main Market Listing Requirements of Bursa Securities,” it told Bursa Malaysia in a filing. 

Sona Petroleum was listed on July 30, 2013 as a special purpose acquisition company (SPAC), but failed to proceed with its proposed US$25 million qualifying acquisition of the Stag Oilfield located off Western Australia in April 2016.

Concerns were raised over the asset’s quality, as well as Sona’s ability to secure an extension of the license for the oilfield, which expires this year (2018).

After missing the three-year QA deadline, Sona Petroleum begun its winding up proceedings in August 2016, and its shares were suspended from trading beginning Sept 27, 2016, following the commencement of the wind-up process.

Sona then returned 47.99 sen for every share held on Oct 31, 2016, to shareholders, representing 97% of the RM543.25 million collected in its cash trust account.

On April 30 this year, it distributed the balance in its account to shareholders at 1.15 sen per share held on Oct 31, 2016.