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Translated by Google Translator:
KUALA LUMPUR (Aug 9): Sona Petroleum Bhd has commenced liquidation proceedings today, after filing a petition to the Kuala Lumpur High Court to wind up the special purpose acquisition company and appoint liquidators.
This is in accordance with Section 219(2) of the Companies Act 1965.
In a filing with Bursa Malaysia today, Sona said this is in line with the company's memorandum and articles of association which provides that the company shall be dissolved, wound up and liquidated under the Act if the company does not complete a qualifying acquisition within the permitted time frame.
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"For this purpose, the company has nominated Lim San Peen and Datuk Mohd Anwar Yahya of PricewaterhouseCoopers Advisory Services Sdn Bhd as joint and/or several liquidators of the company, subject to the approval of the High Court," it added.
Sona said it will take steps to comply with the Companies (Winding-Up) Rules 1972, including to advertise and gazette the petition.
"Further updates will be provided as soon as the High Court has fixed a hearing date for the petition," it added.
On April 26, the Sona board failed to convince shareholders of the viability of the US$25 million (RM98.5 million) Stag Oilfield acquisition in Australia. Field owners Quadrant Energy Ltd and Santos Ltd subsequently notified Sona about the termination of the sale and purchase agreement effective June 2.
Sona managing director Datuk Seri Hadian Hashim was reported as saying that investors can expect a distribution of about 48 sen per share based on the company's trust account of RM527.76 million as of Dec 31, 2015.
Shares of Sona closed unchanged at 46.5 sen today, with 1.02 million shares done, for a market capitalisation of RM655.98 million.
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