KUALA LUMPUR: Pacific Alliance Asia Opportunity Fund L.P. has raised its stake in special purpose acquisition company (SPAC) Sona Petroleum Bhd to 9.73%.
A filing with Bursa Malaysia on Tuesday showed the Cayman Islands registered fund had acquired 7.03 million Sona shares from March 9 to 11 from the open market.
Pacific Alliance bought 1.48 million shares on March 9 and 3.70 million units the next day. It bought 1.85 million shares on March11.
After the recent purchases, its shareholding was raised to 137.32 million shares.
Sona has proposed to acquire a 100% stake in Stag Oilfield assets in Western Australia for US$50mil.
After independent valuers deemed the price tag too high, Sona managed to cut the purchase price by half to US$25mil(RM103.2mil).
At US$25mil, this is just about a quarter of the RM529.2mil sitting in its trust account as at Feb 15, 2016.
However, RM115.1mil of the trust account will be used for working capital and other adjustments.
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