Published: Thursday September 13, 2012 MYT 4:41:00 PM
CLIQ Energy targets markets beyond Asian within 2 years
KUALA LUMPUR: CLIQ Energy Bhd, a special purpose acquisition company (SPAC) targets to penetrate regions outside Asia within two years of being listed on the Main Market of Bursa Malaysia.
Its Chief Executive Officer Ziyad Elias said the company now has passed three weeks of its exposure prospectus and is currently awaiting the Security Commission's approval.
"We hope to get the approval by end of this month or early October so we can be listed before end of this year," he told Bernama in an interview.
At the start-up phase, which is the Qualifying Asset phase, he said CLIQ is limiting its focus within the Asia-Oceania region, with current unsolicited opportunities coming from Indonesia, Papua New Guinea and Vietnam.
"There are also opportunities in other regions, such as the Middle East and South America, but we want to work in areas that we are really familiar with first and where we have a lot of networking.
"We plan to penetrate other regions after having developed assets in this region, have our cash flow coming in, and then we will start looking elsewhere," he said.
Ziyad said CLIQ hoped to nail the qualifying assets in Asia within one year after its listing and hope to bring these assets on stream within two to three years after that.
"We are set to be an independent exploration and production company. So, upon listing, we are looking for assets, oil and gas assets, within the Asian region," he added.
Ziyad has more than 30 years of experience as a geophysicist, engineer and entrepreneur in the oil and gas exploration and production sector, according to the prospectus.
He also founded and helmed the Orogenic group of companies, which deals in the upstream oil and gas industry for a good 17 years before he took on the task with CLIQ.
CLIQ aims to raise between RM150 million and RM500 million, and 90 per cent of the money eventually raised from the initial public offering would be held by a custodian, Deutsche Trustees Malaysia Bhd. - Bernama