KUALA LUMPUR (July 23): CLIQ Energy Bhd, which is in the midst of being wound up, said today it is working closely with the Inland Revenue Board (IRB) with a view of obtaining tax clearance as soon as possible.

In a filing with Bursa Malaysia today, the special purpose acquisition company (SPAC) said final distribution from the cash trust account to contributories can only be determined and executed after obtaining the tax clearance.

On Dec 11 last year, CLIQ had hoped to receive the tax clearance from IRB not later than the second quarter of 2018.

On Sept 27, 2016, the liquidators of CLIQ announced that it had intended to distribute the monies held in the cash trust account in two tranches. The monies in the trust account amounted to RM362.8 million on that date.

On Nov 14, 2016, CLIQ's liquidators made the first distribution representing 98% of the monies held in cash trust account as at Sept 13, 2016, to entitled shareholders for 73.3 sen apiece. The balance 2% of the monies was expected to be distributed within one year from the first distribution.

CLIQ, which is the second oil and gas SPAC to list on Bursa Malaysia, was ordered to be the liquidated by the Securities Commission Malaysia after the regulator declined its request for more time to make a qualifying acquisition in February 2016. This was followed by three failed attempts by its major shareholder Best Oracle Sdn Bhd to stop CLIQ's liquidation process. Trading in its shares was suspended on Oct 5, 2016.