KUALA LUMPUR (Nov 25): Sona Petroleum Bhd climbed as much as two sen or 5% to 45.5 sen after it announced it obtained the Securities Commission's (SC) approval to acquire two upstream oil and gas assets in Thailand from UK-listed Salamander Energy plc.
Sona had later erased gains to trade flat at 43.5 sen at 11:01am. Shares of the special purpose acquisition company (SPAC) saw some 8.5 million shares changed hands.
Sona’s share trade was halted for an hour today from 9:04am to 10:04am.
A SPAC does not have assets during its initial public offering (IPO). The IPO proceeds will be used to acquire income-generating assets later.
The SC's consent comes at a time when Sona is facing rival offers for
Earlier, Sona said it was commited to finalise the purchase of effective stakes in the B8/38 and G4/50 concessions in Bualuang despite a rival offer by UK-listed Ophir Energy plc to buy the entire share capital in Salamander.
Ophir had proposed to acquire Salamander via a share swap. Under the exercise, Salamander shareholders will be entitled to 0.6 Ophir share for one Salamander unit held.