IPO: Sona Petroleum Berhad, Upcoming SPAC IPO

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Sona Petroleum Bhd, a special purpose acquisition company (SPAC), is eyeing to raise up to RM550 million from its initial public offering (IPO) exercise on the Main Market of Bursa Malaysia Securities.

In its prospectus exposure on Securities Commission Malaysia’s (SC) website Thursday, the company said its IPO comprises issuing up to 1.1 billion new shares of one sen each, together with up to 1.1 billion free detachable warrants on the basis one warrant for every one new share subscribed.

Sona in its prospectus exposure said it is offering 141 million shares or 10% of its paid-up share capital for retail offering and up to 959 million shares or 68% stake as institutional offering via private placement.

The company said the minimum number of shares to be subscribed under its IPO is 300 million shares that would raise RM300 million as required in respect of a SPAC, in accordance with the Equity Guidelines.

“We believe that by raising RM150 million we would have sufficient proceeds to acquire an asset as our qualifying acquisition.

“However, we are offering up to 1.1 billion shares so as to raise up to RM550 million under our IPO as we believe a larger capital base may give us more options when we acquire an asset as our qualifying acquisition,” it said.

Nonetheless, the company said its management team believes that any amount between RM150 million and RM550 million would still place Sona in a favourable position to complete its qualifying acquisition.

The company intends to set aside 90% of its IPO proceeds for its qualifying acquisition and thereafter, other asset acquisition.

Sona said some RM33.8 million from its IPO proceeds would be utilised as working capital to finance its operating expenses.

Sona is helmed by managing director Datuk Seri Hadian Hashim, who is a major shareholder in Integrated Petroleum Services Sdn Bhd, a company that provides services and products to the upstream oil and gas sector.

The company’s executive director is Datuk Masnah Abdul Jalil, who was head of corporate finance and principle investments at Hong Leong Financial Group Bhd.

Prior to that, Maznah was senior group director for corporate finance and advisory of DRB-HICOM Bhd.

Sona Petroleum Bhd was formerly known as: Titanium Windfall Sdn Bhd.
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