KUALA LUMPUR: Sona Petroleum Bhd (Sona Petroleum), a special purpose acquisition company (SPAC) formed for the acquisition of assets in the Exploration & Production (E&P) phases of the oil and gas value chain, has recently received approval from the Securities Commission (SC) for the listing of and quotation for its entire issued and paid-up ordinary share capital together with free detachable warrants on the Main Market of Bursa Malaysia Securities Bhd.
Eyeing to potentially raise up to RM550.0 million from its initial public offering (IPO), Sona Petroleum may be the biggest SPAC to be listed in Malaysia.
Upon listing, Sona Petroleum is expected to have an estimated market capitalisation of up to RM705.4 million, depending on the level of subscription of its Public Issue Shares.
For its IPO exercise, Sona Petroleum is offering up to 1.1 billion new ordinary shares of RM0.01 each together with up to 1.1 billion free detachable warrants on the basis of one Warrant for each Public Issue Share, at an issue price of RM0.50 per Public Issue Share.
Company managing director Datuk Sri Hadian Hashim said, “We are delighted that the SC has approved our Listing. Our vision is to acquire assets in the E&P phases of the oil and gas value chain.
“We believe that recent developments coupled with the current conditions of the oil and gas industry presents both a favourable environment for acquisitions and an attractive operating environment of E&P assets, and our IPO would provide a strong platform for us to launch the company’s maiden foray into the E&P industry.”
Sona Petroleum was formed by a group of experienced senior executives who are active in the oil and gas industry, in particular, E&P. Sona Petroleum’s international team of Directors and management have a combined experience of approximately 300 years in the oil and gas industry.
Upon completion of its IPO, the company intends to seek attractive E&P assets as its QA, focusing mainly on production assets in the regions of Southeast Asia, Middle East and selected countries in Africa. Once its QA is completed, the company intends to operate as an independent E&P company.
Hadian added, “Together with our board of directors and experienced management team, I trust that Sona Petroleum will be well-positioned to capitalise on the E&P industry’s growth, post-Listing.
“We believe that the Listing will provide the company with a strong platform to capitalise on investment opportunities in the E&P industry.”