SONA’S SHARES TO BE SUSPENDED FROM SEPT 27
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).