KUALA LUMPUR (Aug 11): Kazakhstan-based oil and gas production concession holder Caspi Oil Gas LLP is slated to list on the Nasdaq via a merger with a special purpose acquisition company (SPAC), said financial news portal StreetInsider.com.

Caspi is owned by Malaysian corporate figure Tan Sri Halim Saad via its investment vehicle Markmore Energy (Labuan) Ltd.

Caspi and the SPAC — Liberty Resources Acquisition Corp — have signed a binding amendment to a previously executed non-binding acquisition letter with Markmore Energy for a transaction that will result in Caspi becoming a publicly traded company, said StreetInsider.com.

The transaction would provide minimum net proceeds of US$55 million (RM234 million) to Caspi, according to Liberty's disclosure to the Nasdaq.

As part of the deal, Liberty will assume Caspi's liabilities of US$50 million, and make a payment of US$50 million to Markmore Energy.

"The current owners of Caspi will also receive approximately 32.7 million shares in the combined company’s common stock," said StreetInsider.com.

“The transaction, which has been unanimously approved by the boards of directors of Markmore Energy, Caspi and Liberty, is subject to satisfaction of the execution conditions, approval by Liberty’s stockholders, and other customary closing conditions, including the receipt of certain regulatory approvals,” the portal reported.

Caspi is the concession owner of the Rakushechnoye oilfield in West Kazakhstan.

Halim is also linked to upstream oil and gas service operator Sumatec Resources Bhd, which has been delisted from the local bourse following a winding-up order granted against the company.

The winding-up petition was filed by Sumatec’s bondholders in 2018, demanding the repayment of RM83.31 million from three collateralised loans they had extended to the company.