7月30日上市，SONA石油每股售50仙

尽管外国如美国和欧洲已有很多SPAC挂牌，但我国是唯一允许特殊用途收购公司【SPAC】上市的东南亚国家。

继大红花石油【HIBISCS，5199，主板工业产品股】和CLIQ能源【CLIQ Energy，5234，主板特殊收购股】后，2013年7月30日，马交易所将迎来第三大挂牌油气贸易特殊用途收购公司。

Sona石油【Sona Petroleum】成为首家获得海内外基础投资者【Cornerstone Investor】入股的特殊用途收购公司，吸引6个海内外基金与投资管理公司认购近20%股权。

基础投资者认购的规模，已占机构投资者可认购部分近三分之一。

该公司将发行11亿股新股，每股发售价为50仙，并以1配1方式，连同免费凭单一同出售；有关凭单能在5年内，以35仙的行使价转换成母股。

Sona石油计划透过首次公开募股，集资最高5亿5000万令吉，并成为国内筹资规模最庞大的特殊用途收购公司。

Sona石油是由一群拥有丰富油气领域经验的人创办，特别是勘探与生产营运的高级执行人员；公司主要物色岸内或岸外不超过120米水域的油气领域勘探与生产资产。

从去年9月份开始筹备以SPAC方式上市的Sona石油，目前放眼东南亚、中东和非洲特定国家的资产，主要是这三个地点占全球油气储备量超过50%。

一家空壳公司，因此招股说明书内，也没有什么特别的东西。

投资要点：

2011年7月上市的大红花石油，为油气特殊用途收购公司，集资不到2亿4000万令吉。当时以每股75仙认购大红花石油股票和凭单的投资者，如今享有超过300%的回酬。

允许大众投资独特且提供较高回酬的领域和业务，是SPAC上市其中一个主要目的，尽管此做法较偏向投机。

此前有报道称，丹斯里郭令灿将透过旗下的丰隆集团入股Sona石油。

然而这相信是因为丰隆资产管理身为基础投资者之一，因此并不适合诠释为郭令灿入股其公司。

相关的一些新闻：

The company would be led by MD Datuk Seri Hadian Hashim, who is currently a non-executive director and shareholder of the Baker Hughes group in Malaysia.

A 30-year veteran in oil and gas (O&G), Hadian spent much of the early years of his career as a well site engineer for Sarawak Shell Bhd offshore Sabah and Sarawak. Hadian has banded together with his friends from the industry, most of whom he has either worked with or for, to form Sona Petroleum Bhd.

The SPAC’s board is populated by international faces which includes chairman Andreas Johannes Raymundus van Strijp, a Dutchman, as well as an Indonesian and Myanmar national. Datuk Maznah Abdul Jalil, the company’s chief financial officer, was a key lieutenant to the late Tan Sri Yahaya Ahmad of DRB-Hicom.

SPACs are companies with no operations or income generating business at the point of IPO but undertake a listing for the purposes of acquiring operating companies or assets, termed as “qualifying assets”.

Sona Petroleum, which aims to eventually make the transition to an independent E&P company, has already secured commitments from six institutional investors both local and foreign as cornerstone investors, making it the first SPAC to do so. They are Hong Leong Asset Management, Hong Kong-based hedge fund Segantii Capital, and investment firm Davidson Kempner, as well as the three banks backing the listing: RHB Investment Bank, CIMB Investment Bank and Kenanga Investment Bank.

Sona Petroleum is the first SPAC to have an institutional portion under the Ministry of International Trade and Industry for its listing, along with both foreign and domestic cornerstone investors, bankers said, underscoring the rising appeal of these investment vehicles.

The cornerstones, who were not granted a discount to the 50 sen IPO price, have been apportioned 275 million shares out of the 959 million shares for institutions.

Industry observers believe Sona Petroleum’s appeal lay in it being one of the few upstream players in a stock market dominated by O&G service providers, in spite of the fact that fund managers typically do not put money into SPACs because of their high-risk, unproven nature.

The 1.1 billion shares to be sold under the IPO comprise 959 million shares for institutional investors and 141 million shares for retail investors at 50 sen apiece. Each share comes with a free warrant.

Post-IPO, the management will hold 20% of the firm’s enlarged share base, the public and institutions 78% and initial investors 2%. The identities of the initial investors were not disclosed in the prospectus.

The moratorium imposed on its promoters’ shares will also be the strictest so far for a SPAC. The key management is barred from selling any of their holdings in Sona Petroleum until the company generates one year of audited revenue from the commercial production of its qualifying asset.

SPACs are companies which have no operations or income generating business at the point of IPO but undertake a listing for the purposes of acquiring operating companies or assets, known as “qualifying assets”.

Sona Petroleum has expressed interest in smaller fields in shallow waters of not more than 120m in depth.

Fields with reserves of between 5 million and 30 million barrels, with production of 2,000-5,000 barrels per day, are preferred.

（吉龍坡5日訊）即將成為馬股第三家特別併購公司（SPAC）的SONA石油有限公司（SONA Petroleum Berhad）已獲得基石投資者（Cornerston eInvestors）同意，投資公司的2億7千500萬股。

該公司今日舉行首次公開募股招股書的推介禮後，董事經理拿督斯里哈迪安哈欣表示，這些基石投資者包括4家國內機構以及2家國際機構，它們包括：聯昌信安（CIMB Principal）資產管理公司、豐隆資產管理、肯納格投資者有限公司、興業投資管理、Davidson Kempner歐洲合作夥伴和Segantii亞太多元策略投資基金。

他也說，“融資後我們會在3年內利用這筆資金的80%，於東南亞、中東和特定非洲國家收購生產形資產。”

詢及特別併購公司並不如尋常上市公司般已有相當的業務基礎，以及較久的業績記錄，如此對股東的投資會否無甚保障，哈迪安哈欣指出，特別併購公司也必須通過證券監督委員會的批准才可上市，而該委員也具有適當的審核程序，確保公司素質與承擔風險的能耐之外，上市後，公司也必須遵照一些防範措施，以保障投資者的利益。

他也強調，公司擁有經驗豐富的管理團隊，加上宏觀因素如市場對油氣領域的需求增高，以及人口快速增長等，因此對公司未來的展望相當有信心。

（星洲日報／財經）

玉楼金阙：第三、第四、第五个SPAC●陈金阙

我很喜欢他说的一句话：

不懂SPAC，就把它归纳为投机股，如同看到一个人外貌凶恶，就认定他一定是匪徒一样。 

如果SPAC是个骗局，首先要怪的，应该是把关的证监委员会（SC），监督不严。 

不然，就老老实实，承认不懂SPAC，避开它，没什么不好意思的。 

笔者几年前也自认看不懂雅艺控股【MAEMODE】的账目，不敢投资，不过直到它列入PN17之后，还是有投资者认为它值得投资的，观点不一样而已。

一般的基本面大师，都会叫人绝不投机。

我个人绝对不会这么说，因为我自己好像也经常在偷鸡摸狗。

陈金阙为什么特地提 雅艺控股【MAEMODE】呢？

是有典故的。