KUALA LUMPUR (Sept 26): CLIQ Energy Bhd's major shareholder Best Oracle Sdn Bhd and two other individual shareholders have asked the company to call for a general meeting to get the directors to obtain an extension of time to complete a qualification acquisition (QA) so that the company is not dissolved.

This follows Best Oracle's decision on Sept 20 to discontinue with its appeal against the High Court's decision to dismiss its application to strike out the petition to liquidate the special purpose acquisition company (SPAC) filed by its directors.

In a filing with Bursa Malaysia, CLIQ said it received a requisition letter signed by Best Oracle, Kandiah Subramaniam and Mohd Adam Mohd Said this morning, asking the company to call for a general meeting pursuant to Section 144 of the Companies Act to consider two resolutions.

Resolution 1 states that the directors of the company be directed to use all endeavours to seek an extension of time from the Securities Commission Malaysia (SC) to complete a QA. Resolution 2, meanwhile, states that consequent to Resolution 1, the company shall not be dissolved pending the completion of the QA.

Best Oracle had in April filed a judicial review to prevent the SPAC from being liquidated. It named the SC and CLIQ as respondents.

On July 19, the High Court dismissed Best Oracle's application for a stay of proceedings of the petition to wind up CLIQ.

Best Oracle owns 20% of CLIQ, and its shareholders are the five members of CLIQ's management team.

At 3.22pm, shares of CLIQ were unchanged at 70 sen with 3.54 million shares traded, for a market capitalisation of RM444.81 million.