The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Sona Petroleum Bhd’s shares will be sus­pended from next Tues­day fol­low­ing the wind­ing up of the spe­cial pur­pose ac­qui­si­tion com­pany (SPAC). In a fil­ing with Bursa Malaysia yes­ter­day, Sona said the trad­ing in its shares will be sus­pended from 9am on Sept 27 pur­suant to Para­graph 16.02(1)(j) of the Main Mar­ket List­ing Re­quire­ments. The SPAC failed to com­plete its qual­i­fy­ing ac­qui­si­tion when share­hold­ers re­jected its pro­posal to ac­quire the Stag Oil­field in Aus­tralia for US$25 mil­lion (RM103.2 mil­lion). It plans to dis­trib­ute 97% of the monies held in its cash trust ac­count to el­i­gi­ble share­hold­ers by Novem­ber while the bal­ance 3% will be dis­trib­uted within two years from the first dis­tri­bu­tion. The to­tal gross amount of monies held in the cash trust ac­count is RM543.25 mil­lion and the gross dis­tri­bu­tion value is equiv­a­lent to 49.38 sen per share (ex­clud­ing tax and other dis­tri­bu­tion cost).

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