Thursday 28 Mar 2024
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KUALA LUMPUR (April 4): CLIQ Energy Bhd, which failed to meet its March 9 deadline to acquire its qualifying asset (QA), has appointed Crowe Horwath Advisory Sdn Bhd to provide it with preliquidation services.

The announcement came nearly a month after the special purpose vehicle company (SPAC) said it has received numerous offers to undertake its liquidation and was in the process of shortlisting the liquidator last month.

Today, it told the stock exchange that Crowe Horwath will provide preliquidation services, including review of the latest financial statements, to assist the board on the best mode to wind up the company.

It added that Crowe Horwath will also work together with the company's secretary and share registrar to issue the necessary requisite notices of meetings to convene the liquidation process, after this coming Saturday (April 9).

"Crowe Horwath will also ensure that the filing requirements of the necessary forms/documents with the Companies Commission of Malaysia (CCM) pursuant to the requirements of the Companies Act 1965, is met," CLIQ said.

The second oil and gas SPAC listed on Bursa Malaysia had proposed to buy a 51% stake in a special purpose vehicle that will host Phystech Firm LLP's two onshore Kazakhstan oilfields for US$110 million (RM455 million) last year, but the application for the buy was returned by Securities Commission of Malaysia (SC) in January, due to submission of incomplete information.

On Feb 15, it wrote to the regulator, seeking time extension for the proposed acquisition, but was rejected by the SC. Hence, it announced on Feb 24 that it will be liquidated after SC declined its request for more time to acquire its QA.

The company had later in March, quashed speculation that it had submitted a fresh appeal to the SC for more time to complete its QA, after its first appeal was rejected.

As CLIQ failed its QA bid, it remains a shell company with no real business or notable assets. According to the Equity Guidelines, it has to return 90% of raised proceeds from its initial public listing — totaling RM355.72 million as at Feb 12, 2016 — to its IPO shareholders.

Shares in CLIQ closed down 0.5 sen or 0.72% at 69 sen today, after 499,000 shares exchanged hands. It had a market value of RM435.35 million.

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