Credit Suisse ups Sona stake

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KUALA LUMPUR (Aug 23): Credit Suisse Group AG raised its stake in Sona Petroleum Bhd to 16.72% after the Switzerland-based financial services entity bought 2.62 million Sona shares on the open market.

Sona is a special purpose acquisition company, which is being liquidated as the group had not made its qualifying acquisition by the deadline on July 29 this year.

Today, Sona told Bursa Malaysia that Credit Suisse bought the 2.62 million shares last Wednesday (Aug 17). Following the purchase, Credit Suisse owned 235.9 million Sona shares.

According to Sona's announcement, the stake is Credit Suisse's "deemed interests through open market investment position taken in the course of ordinary business in banking and finance".

In a separate statement, Sona said it posted a net loss of RM13.4 million in the first half ended June 30, 2016 from a net loss of RM6.87 million a year earlier. The company said it did not register any revenue.

At 12:30pm today, Sona shares settled unchanged at 46 sen for a market capitalisation of RM648.93 million. The stock saw 5,000 shares traded.