PETALING JAYA: Red Sena Bhd , the first food and beverage special purpose acquisition company (SPAC), has proposed to liquidate its business after several failed attempts to secure a qualifying acquisition (QA) within the permitted time frame.

This would make it the third unsuccessful SPAC to be delisted from Bursa Malaysia out of five companies that have tried their luck down the SPAC route since the introduction of this investment model in late 2009.

The other SPACs that have failed are Cliq Energy Bhd and Sona Petroleum Bhd , while the two SPACs that have successfully transformed to full fledged Main Market-listed companies are Hibiscus Petroleum Bhd and Reach Energy Bhd .

In a circular to its shareholders yesterday, Red Sena Bhd said it has proposed a members voluntary winding-up and the appointment of liquidators, following its inability to complete its QA within the permitted time frame.

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