SC okays Sona Petroleum’s oilfield buy, notes ‘unfair’ price

April 3, 2016

You gotta read the full article, you shareholders, to figure out ‘unfair’ to who?

Dateline 2016-02-12, The Star:

Sona Petroleum Bhd has received the Securities Commission’s (SC) conditional approval to acquire the Stag Oilfield offshore Western Australia although the regulator also noted that the purchase price of US$50mil (RM207.8mil) was deemed “not fair” by an independent expert.

The special-purpose acquisition company (SPAC) told Bursa Malaysia that the SC had noted that technical and asset valuation expert Gaffney, Cline and Associates (Consultants) Pte Ltd (GCA), in its valuation report dated Jan 20, considered the purchase price “not fair”.
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Sona Petroleum signs SPA with UK-listed Salamander

October 3, 2014

Dateline 2014-07-22, The Malaysian Reserve:

Sona Petroleum Bhd is a step closer to concluding its maiden oil and gas (O&G) asset acquisition before year end after signing the Sale and Purchase Agreement (SPA) with UK listed Salamander Energy plc and Salamander Energy (Bualuang) Ltd (SEBG) for the purchase of a share in a brownfield asset off Thailand.

The SPA in relation to the proposed acquisition of shares of SEBG would give Sona 40% effective interest in SEBG’s Thai O&G blocks of B8/38 and G4/50, at a cost of of US$281.2 million (RM893.09 million) to Sona with the additional US$1.2 million representing 66.67% of the agreed net working capital amount in SEBG as at Jan 1, 2014.

Sona will do the deal via its wholly owned unit Sona Exploration and Production (Thailand) Ltd.

The acquisition will be funded with US$141.2 million cash raised from initial public offering in July 2013, and a bridging loan of US$140 million from BNP Paribas and the RHB Banking Group.

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IPO: Sona Petroleum Receives Several Acquition Proposals

September 22, 2013

So fast? This is how you make money. The Edge, Dateline 2013-07-30:

Sona Petroleum Bhd said today it has received a number of proposals for possible acquisition targets.

“We have received quite a number of proposals from the regions of interests,” managing director Datuk Seri Hadian Hashim told a press conference today at the listing ceremony of Sona.

“The team will have to go through the proposals when the listing is over,” he said.

Sona Petroleum — a special purpose acquisition company (SPAC) which acquires assets in the exploration and production phases of the oil and gas value chain – has said it is setting its sights to acquire assets in the Middle East, Africa and Southeast Asia.

Hadian did not offer more details but said Sona is also likely to make ventures into acquisitions of exploration and development assets when “there is profitability and when the opportunities arise”.

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Sona Petroleum aims for RM550 million IPO for E&P assets

August 4, 2013

Dateline 2013-07-06:

Sona Petroelum Bhd (Sona Petroleum) yesterday launched its prospectus in conjunction with the company’s listing of and quotation for its entire issued and paid-up ordinary share capital together with warrants on the Main Market of Bursa Malaysia Securities Bhd (Bursa Malaysia).

Sona Petroleum’s initial public offering (IPO) will involve an offering of a total of up to 1.1 billion new ordinary shares of RM0.01 each in Sona Petroleum (public issue shares) together with up to 1.1 billion free detachable warrants attached on the basis of one Warrant to every one public issue share issued, at an issue price of RM0.50 per public issue share.

The company aims to raise up to RM550 million through its IPO. Upon listing, Sona Petroleum is expected to have a market capitalisation of up to approximately RM705.4 million.

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