KUALA LUMPUR (May 20): CLIQ Energy Bhd said today it has received an application to strike out the winding up petition from Best Oracle Sdn Bhd, on the basis that the shareholders did not approve the winding up.

Best Oracle, comprising five members of CLIQ's management team led by its managing director and chief executive officer Ahmad Ziyad Elias, controls about 20% stake in the special purpose acquisition company (SPAC).

In a filing with Bursa Malaysia today, CLIQ said the company had on May 19 received the application to strike out the petition from Messrs. Yashar & Associates, which is representing Best Oracle.

“CLIQ will respond to contest the application accordingly,” it added.

According to a filing dated May 12, the board of directors of CLIQ (represented by the directors who are not conflicted to decide on behalf of the company), said the High Court of Kuala Lumpur had on May 11, given direction for the petition to be gazetted and advertised in national circulating newspapers.

The company said the high court has fixed May 27 for the next case management to obtain the registrar’s certificate of procedural compliance, for the hearing on May 31.

To recap, on April 25, CLIQ said it has filed a petition to the high court to wind up the SPAC. CLIQ had announced its decision to liquidate the company on Feb 24, after the Securities Commission Malaysia rejected its request for a deadline extension to acquire its qualifying asset.

As at 3.50pm, shares of CLIQ were traded unchanged at 69 sen, with 120,000 shares traded, for a market capitalisation of RM435.35 million.