KUALA LUMPUR: Trading in Cliq Energy Bhd’s shares will be suspended today pending a material announcement that will result in “a significant change in the business direction or policy of the company”.

In a filing with Bursa Malaysia yesterday, Cliq said the announcement is on “a very substantial transaction as defined in Chapter 10 of the Listing Requirements”.

A source familiar with the company told The Edge Financial Daily that Cliq (fundamental: 0.60; valuation: 0) is expected to announce its first qualifying acquisition (QA), which will see it graduate from being a special purpose acquisition company today. Note that April 2016 is Cliq’s deadline to deliver a QA.

Although the source remained tight-lipped on the proposed QA, The Edge weekly had previously reported that the shell company was eyeing the acquisition of one of Jura Energy Corp’s subsidiary, Frontier Holdings Ltd. Frontier has two gas fields — Sara Suri and Kandra — in Pakistan.

This article first appeared in The Edge Financial Daily, on March 24, 2015.