An­a­lysts be­lieve odds are against Best Or­a­cle

> At­tempt by CLIQ En­ergy’s ma­jor share­holder to stop liq­ui­da­tion of SPAC is seen as fu­tile

The Sun (Malaysia) - - SUNBIZ - BY LEE WENG KHUEN

PE­TAL­ING JAYA: The ma­jor share­holder of CLIQ En­ergy Bhd – Best Or­a­cle Sdn Bhd is look­ing into the va­lid­ity of its call for a share­hold­ers meet­ing to stop the liq­ui­da­tion of the spe­cial pur­pose ac­qui­si­tion com­pany (SPAC), an at­tempt which an­a­lysts opine is fu­tile as the le­gal process of wind­ing up the com­pany is al­ready un­der way.

Sources say Best Or­a­cle, which is led by CLIQ En­ergy man­ag­ing di­rec­tor and CEO Ah­mad Ziyad Elias, is study­ing whether the share­hold­ers meet­ing can still be held fol­low­ing the High Court’s or­der that al­lowed CLIQ En­ergy’s pe­ti­tion to wind up the com­pany.

The share­hold­ers meet­ing is also to seek an ex­ten­sion of time from the Se­cu­ri­ties Com­mis­sion (SC) to com­plete the qual­i­fy­ing ac­qui­si­tion (QA).

When con­tacted, both in­ter­ested and non-in­ter­ested di­rec­tors of CLIQ En­ergy de­clined to com­ment on queries.

An­a­lysts how­ever opined that al­though CLIQ En­ergy’s ma­jor share­holder is try­ing hard to com­plete the QA, its share­hold­ers are likely to vote against the deal given the lack­lus­tre out­look for the oil and gas spe­cial pur­pose ac­qui­si­tion com­pa­nies.

They be­lieve the prob­a­bil­ity of CLIQ En­ergy ob­tain­ing the SC’s nod for the ex­ten­sion of time is also very low.

“The win­dow is clos­ing. Things are very late in the cy­cle for them to stop the liq­ui­da­tion process. It’s com­ing to the end al­ready,” In­ter-Pa­cific Re­search Sdn Bhd head of re­search Pong Teng Siew told Sun­Biz.

“Ul­ti­mately if share­hold­ers voted against this (res­o­lu­tion), very lit­tle can be done. Chances are very low that they will be granted (time ex­ten­sion),” he added.

Hong Leong In­vest­ment Bank (HLIB) Re­search an­a­lyst Lim Sin Kiat con­curred, say­ing that there will be not much change in the cur­rent sit­u­a­tion.

“I think the liq­ui­da­tion will still be on no mat­ter what. Chances are low for them be­cause the High Court has al­lowed the liq­ui­da­tion process,” he noted.

On Mon­day, the High Court al­lowed a pe­ti­tion to wind up CLIQ En­ergy nam­ing Onn Kien Hoe and Mok Yuen Lok of Crowe Hor­wath Ad­vi­sory Sdn Bhd as liq­uida­tors. The board of di­rec­tors of CLIQ En­ergy also said that they ceased to have any pow­ers and that all queries should be di­rected to the com­pany.

Sev­eral at­tempts have been made by Best Or­a­cle to pre­vent the dis­so­lu­tion of CLIQ En­ergy af­ter the SC re­turned the com­pany’s sub­mis­sion of oil and gas as­sets buy in Kaza­khstan for US$110 mil­lion (RM430 mil­lion) last Jan­uary.

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