THROWN OUT: Shareholders of CLIQ reject payment of directors’ fees

PETALING JAYA – CLIQ Energy Bhd shareholders have rejected the payment of directors’ fees amounting to RM359,720 for the financial year ended March 31, 2016.

According to a filing with the stock exchange, 88.95% shareholders voted against the resolution at the special purpose acquisition company’s AGM yesterday.

CLIQ’s liquidation process is under way after Best Oracle Sdn Bhd’s application for leave was rejected by the High Court.

Best Oracle in April this year filed for a judicial review of the Securities Commission’s rejection of CLIQ’s request for more time to pursue its US$110 million (RM430 million) qualifying acquisition of two oil field blocks in Kazakhstan, in a bid to keep the company from being liquidated.

Best Oracle, the largest shareholder of CLIQ with a 20% stake, is controlled by managing director and CEO Ahmad Ziyad Elias.

Meanwhile, a resolution to re-elect Kamarul Baharin Albakri as a director of CLIQ was withdrawn after he notified the company of his decision not to seek a new term. – Sundaily