SONA PETROLEUM IPO

At 9.20 am today, the price of SONA was RM 0.395 and that of SONA-WA was RM 0.210.  The combined price of 1 SONA mother share and 1 SONA-WA share was RM 0.605.

The net asset per share of SONA at listing was RM  0.37.  At RM 0.605 for the combined 1 SONA mother and 1 SONA-WA shares, this was a premium of 63.5% above the net asset per share.

The Initial Investors and Promoters obtained their shares at RM 0.01 per share and upon listing, they own 20% of the enlarged company..

The IPO investors obtained theirs at RM 0.50 per share  and upon listing, they own 80% of the enlarged company..

Updated: Tuesday July 30, 2013 MYT 9:15:31 AM

Sona Petroleum’s warrants surge, shares flat (Update)

BY JOSEPH CHIN

KUALA LUMPUR: Sona Petroleum Bhd opened flat at 42.5 sen, which was the reference price when it made its debut on Bursa Malaysia on Tuesday.

However, the warrants saw stronger interest, surging to 23.5 sen from the reference price of 7.5 sen.

At 9am, Sona shares were down 1.5 sen to 41 sen with 118.3 million shares done. The warrant rose 16.5 sen to 24 sen with 35.87 million units done.

The FBM KLCI rose 1.11 points to 1,799.89. Turnover was 63.51 million shares valued at RM25.04mil. There were 87 gainers, 30 losers and 78 counters unchanged.

Below is the earlier story:

KUALA LUMPUR: Sona Petroleum Bhd, which is making its debut on Bursa Malaysia on Tuesday, saw bids at its reference price of 42.5 sen in pre-market trade.

At 8.33am, there were bids at 42.5 sen. However, the warrants saw stronger interest with bids at 20 sen, which was 12.5 sen above the reference price of 7.5 sen.

The initial public offer involved 141 million shares with up to 141 million warrants.

Sona Petroleum is Malaysia’s third special purpose acquisition company (SPAC) to list on Bursa Malaysia.

Sona Petroleum, which aims to eventually make the transition to an independent E&P company, had secured commitments from six institutions both local and foreign as cornerstone investors, making it the first SPAC to do so.

They are Hong Leong Asset Management Bhd, Hong Kong-based hedge fund Segantii Capital and Davidson Kempner European Partners, along with the fund management houses of the three banks backing the listing: CIMB-Principal Asset Management Bhd, Kenanga Investors Bhd and RHB Investment Management Sdn Bhd.

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

http://www.thestar.com.my/Business/Business-News/2013/07/30/Sona-Petroleum-sees-bids-at-reference-price.aspx