Thumbs up for CLIQ’s Kazakhstan oil field acquisition

CLIQ Energy Bhd's proposed acquisition of a 51% stake in a special purpose vehicle (SPV) in Kazakhstan for US$117.3mil (RM426.5mil) is “fair and reasonable", according to the independent valuation expert appointed for the purchase.

CLIQ Energy, a special purpose acquisition company (SPAC) which aspires to become a global exploration and production firm, had earlier proposed to acquire two oil-producing blocks in the Karazhanbas Northern Field concession area from Phystech Firm LLP.

The company told Bursa Malaysia on Thursday that Deloitte Corporate Advisory Services Sdn Bhd had in its Fairness Report dated April 22 estimated the range of fair market values of the 51% equity interest to be between US$112.6mil and US$124.4mil (RM409.45mil and RM452.33mil).

Hence Deloitte had opined that the purchase consideration of US$117.3mil was fair and reasonable.

The SPV will later seek a listing on the Kazakhstan Stock Exchange.

Source: thestar.com