Friday 29 Mar 2024
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KUALA LUMPUR (Feb 24): CLIQ Energy Bhd, the second oil and gas special purpose acquisition company (SPAC) listed on Bursa Malaysia, will be liquidated and returning monies to shareholders after the Securities Commission (SC) declined its request for more time to acquire its qualifying asset (QA).

In a filing with Bursa Malaysia today, CLIQ said it received the official response from the SC today via a letter dated Feb 24, which stated that the commission has decided it will not be able to accede to the SPAC's extension request.

CLIQ had, on Feb 15, written to the SC seeking the commission's indulgence to extend the permitted timeframe to pursue its QA, after the SC returned the company's application to buy a 51% stake in a special purpose vehicle (SPV) that will host Phystech Firm LLP's two onshore Kazakhstan oilfields.

"The company will soon be resolving the process towards its liquidation and returning monies in the trust account to the entitled shareholders, according to the applicable laws and rules," CLIQ added.

CLIQ's deadline to complete the QA asset falls on April 9; it has to obtain at least 75% shareholders' acceptance before it can proceed with its QA.

To recap, CLIQ announced on Jan 29 that the SC had returned its application for the 51% stake buy in the SPV, and the cash call to purchase the assets, after the regulatory body found that it did not get the required information and documents relating to matters like assessment of the oil reserves' volumes, and an updated technical report that reflect the current oil price trend.

As such, on Jan 30, Maybank Investment Bank Bhd has resigned as the principal adviser to CLIQ's proposed acquisition of its QA and rights issue with warrants, effective Feb 6.

At 16.11pm, shares of CLIQ were trading 0.5 sen or 0.73% higher at 69 sen today, for a market capitalisation of RM453.35 million.

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