KUALA LUMPUR: Sona Petroleum Bhd has received the Securities Commission’s approval for its proposed purchase of a 40% stake in two oil and gas blocks in Thailand from Salamander Energy for US$281.2mil (RM912mil).
Sona Petroleum said on Tuesday the approval from the SC was received the previous day as subject to several conditions.
The approval was subject to the joint principal advisers CIMB Investment Bank Bhd and RHB Investment Bank Bhd and also Sona Petroleum fully complying with the requirements of the SC’s equity guidelines, pertaining to the implementation of the proposed transaction.
The joint principal advisers and Sona Petroleum would have to fully comply with the Main Market Listing Requirements of Bursa Malaysia Securities on the implementation of the proposed deal and the issuance of the circular to the shareholders.
“Sona Petroleum remains committed to complete the proposed transaction under the terms of the sale and purchase agreement dated July 18, 2014,” Sona said.
Come thinking of it, Salamander Boards asking shareholders to votes ophir offers at 202.50 whereas it last trading at 167.50. So as a conscience shareholders i wont voted for it. Ophir shareholders on the other hand won't approved the deals via issuance of more shares since the company is making losses and this additional shares will diluted the earning per share. So it just a show of hand and when actual EGM on Ophir/Salamander end will be met with a votes of rejects.
KUALA LUMPUR: Sona Petroleum Bhd has received the Securities Commission’s approval for its proposed purchase of a 40% stake in two oil and gas blocks in Thailand from Salamander Energy for US$281.2mil (RM912mil).
Sona Petroleum said on Tuesday the approval from the SC was received the previous day as subject to several conditions.
The approval was subject to the joint principal advisers CIMB Investment Bank Bhd and RHB Investment Bank Bhd and also Sona Petroleum fully complying with the requirements of the SC’s equity guidelines, pertaining to the implementation of the proposed transaction.
The joint principal advisers and Sona Petroleum would have to fully comply with the Main Market Listing Requirements of Bursa Malaysia Securities on the implementation of the proposed deal and the issuance of the circular to the shareholders.
“Sona Petroleum remains committed to complete the proposed transaction under the terms of the sale and purchase agreement dated July 18, 2014,” Sona said.
It is better for Sona to terminate the agreement with Salamander as the acquisition price was considered expensive. There are other cheaper alternative now.
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prc4wifefe
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Posted by prc4wifefe > 2014-11-25 15:04 | Report Abuse
trustful...ex: king of stocks, king of sharks...wakakaka