Sona committed to finalise Salamander asset buy despite rival bid

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KUALA LUMPUR (Nov 17): Sona Petroleum Bhd reiterated its commitment to finalise its acquisition of two upstream oil and gas (O&G) assets in Thailand from the UK-listed Salamander Energy.

In a statement, Sona managing director Datuk Seri Hadian Hashim said its commitment to finalise the purchase of the effective stake in the B8/38 and G4/50 concessions in Bualuang was despite rival offers for the O&G assets.

"We note the ongoing speculation around Sona's agreement with Salamander Plc arising from rival bids on a corporate level for Salamander.

"Sona reiterates its firm commitment to its shareholders to pursue the completion of the transactions announced with Salamander for an effective interest in the B8/38 and G4/50 concessions in Bualuang. Sona is of the opinion that the terms of its sales & purchase agreement with Salamander remain competitive," Hadian said.

A consortium comprising Spain's Compania Espanola de Petroleos (CEPSA) and Jynwel Capital has made a take-over offer for Salamander. Jynwel is controlled by Malaysian businessman
Jho Low.

Reuters reported that under the proposal, the consortium proposed to pay 121 pence in cash for each Salamander share.