Sona Petroleum readies Malaysian IPO

Kuala Lumpur: Sona Petroleum is looking to raise up to RM550m through an imminent initial public offering (IPO) in Kuala Lumpur.

1.1bn new ordinary shares will be issued at 1 sen each together with up to 1.1bn free detachable warrants attached on the basis of one warrant to every one public issue share at 50 sen per share.

July 30 has been earmarked for the listing.

“Proceeds raised from our IPO will allow us to acquire operating companies or assets in the engineering and procurement (E&P) phases of the oil and gas industry, either onshore or offshore in shallow water depths as our qualifying acquisition," Sona Petroleum's chairman, Andreas Johannes Raymundus van Strijp said in a statement.  [08/07/13]

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