KUALA LUMPUR (Dec 26): With five days left in the year, Sona Petroleum Bhd has not obtained tax clearance that the special purpose acquisition company (SPAC) needs for the final distribution of the remaining cash in its cash trust account to shareholders.

The SPAC aims to return all cash in the trust account before the year ends. The sum pending is 1.39 sen per share. However, any delay on obtaining the tax clearance is expected to hinder the cash distribution.

In a filing with Bursa Malaysia today, Sona said tax returns for the Year of Assessment 2017 have been filed with the Inland Revenue Board (IRB).

“The company’s tax agent is working with the IRB with the view to obtaining tax clearance as soon as possible. Final distribution of the remaining monies in the cash trust account will be made after tax clearance is obtained,” it added.

On Sept 6, Sona told the stock exchange that tax returns for Year of Assessment 2016 had been filed with the IRB on May 12 while that of 2017 was filed by Sept 25.

It said its tax agent had immediately sought for tax clearance and the liquidator would call for a proof of debt after tax clearance is obtained.

In September last year, the High Court granted an order to wind up the SPAC after its failure to make a qualifying acquisition (QA), which had to be completed by July 31 this year.

Consequently, it returned 47.99 sen per share in October last year, marking the end of the road for the SPAC that was listed in 2013.

The interim distribution represents 97% of the monies held in its cash trust account.

On the winding up of its subsidiary, Sona told Bursa that the liquidation of Sona E&O (Perth) Pty Ltd, a wholly-owned subsidiary of Sona Goldhill Sdn Bhd, is progressing to plan and is expected to complete by this month.

“Sona Goldhill, a wholly-owned subsidiary of Sona, is now in members’ voluntary liquidation. Sona Exploration & Production (Thailand) Ltd has been struck off from the corporate register in British Virgin Island,” it added.