Friday August 3, 2012

New CLIQ Energy aims to list on Bursa

CLIQ will focus on acquiring oil and gas assets in the Asian and Oceania region

KUALA LUMPUR: CLIQ Energy Bhd plans to list on the main market of Bursa Malaysia as a special purpose acquisition company (SPAC).

The company, which aimed to emulate the success of Hibiscus Petroleum Bhd, intends to establish itself as a global exploration and production company.

The management team of CLIQ included Kamarul Baharin Albakri, who was the former chief executive officer of Petra Energy Bhd.

In its exposure prospectus to the Securities Commission, CLIQ said that for the near and medium term, it would be focusing on acquiring oil and gas assets in the Asian and Oceania region.

It intended to acquire rights for discovered oil and gas fields of small to medium size with relatively low to moderate risk.

“Our company intends to acquire rights that allow it to participate in the development and production of oil and gas fields,” said CLIQ.

SPACs are companies which have no operations or income generating business at the point of its initial public offering (IPO) but undertake an IPO for the purposes of raising funds to acquire operating companies, businesses or assets, otherwise known as a qualifying acquisition (QA). CLIQ plans to list at an issue price of 75 sen and is hoping to raise between RM150mil and RM500mil. Before the QA is made, the monies will be held by a custodian, which is Deutsche Trustees Malaysia Bhd.

The minimum number of public issue shares to be subscribed under the IPO is 200 million shares, raising total proceeds to RM150mil.

The listing and quotation of CLIQ's entire enlarged issued and paid up share capital will be between RM2.75mil and RM8.59mil comprising between 275 million and 858.75 million shares; between 220 million and 687 million Warrants-A.

CLIQ will utilise between RM135mil and RM450.23mil for the qualifying acquisition depending on the minimum or maximum scenario. The QA is targeted to be acquired within 36 months from the listing.

Thus, depending on the scenario, CLIQ will have a market capitalisation of RM206.25mil or RM644.06mil.

Prior to the listing, the initial investors of CLIQ are Best Oracle, which consist of the management team, MKL Resources, Ruslan Ibrahim, Mohanadass Kanagasabai, Mohd Adam Mohd Said and Kandiah Subramaniam,

On July 4, the initial investors had subscribed 20 million new shares together with 20 million Warrants A at a subscription price of 45 sen per share. This subscription raised RM9mil. Whether it is a minimum or maximum subscription level, Best Oracle will have a 20% stake in CLIQ, while the new IPO investors will have either a 72.73% stake or 77.67% stake.

There will be between 200 million and 667 million public issue shares together with between 200 million and 667 million Warrants A representing between 72.73% and 77.67% of its enlarged issued and paid up capital. Between 190 million and 657 million public issue shares together with between 190 million and 657 million Warrants A will be made available by way of private placement to selected investors.

For the Malaysian public, there will be 10 million public issue shares together with 10 million Warrants A to be allocated via balotting.

The principal adviser, placement agent and underwriter is Hong Leong Investment Bank Bhd.

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