CLIQ Energy Bhd expects to obtain a court order for the winding-up of the special-purpose acquisition company on May 31.
The Kuala Lumpur High Court had fixed May 11 for case management and May 31 to hear the winding-up petition filed by the company on Monday, said CLIQ Energy in a filing to Bursa Malaysia yesterday.
CLIQ Energy has proceeded with the liquidation process although Best Oracle Sdn Bhd, which controls 20 per cent of its shares, has filed a judicial review application to block it. Best Oracle is owned by CLIQ Energy chief executive director/managing director, chief financial officer and three former management team members.
“The company expects to obtain an order of court for the winding-up of the company and appointment of liquidator on May 31, being the date of the hearing,” said CLIQ Energy.
Upon obtaining the court order, CLIQ Energy said Onn Kien Hoe and/or Mok Yuen Lok from Crowe Horwath Advisory Sdn Bhd would be appointed as the liquidators for the company.
CLIQ Energy noted that its life was finite if it were unable to acquire a qualifying asset.
“On this basis and pursuant to our discussion with CLIQ Energy’s advisers, the board is of the view that the company should proceed with the winding-up.
“The detailed timeline on the proposed distribution of monies in the trust account to the entitled shareholders will be announced upon obtaining the court order,” it added.
CLIQ Energy advised shareholders to trade in its shares with caution in view of the hearing of the petition.
The stock closed unchanged at 67.5 sen yesterday, with 237,000 shares traded.
The winding-up process began after CLIQ Energy failed to get the extension from the Securities Commission Malaysia (SC) to complete its proposed qualifying acquisition of a 51 per cent stake in a special-purpose vehicle that will host Phystech Firm LLP’s two onshore oilfields in Kazakhstan for US$110 million (RM429.6 million).
The SC returned the proposal to CLIQ Energy in January due to incomplete information submission.
As the company failed to get an extension, it has to be liquidated and the trust money be returned to investors.