KUALA LUMPUR (Dec 7): CLIQ Energy Bhd (CLIQ) has clarified today that its proposed rights issue to raise at least RM210 million (US$49.95 million) is still on.

The cash call was announced in October to address a potential shortfall between its trust account cash and payment of the initial US$90 million for its qualifying acquisition of a 51% stake in Phystech II Joint Stock Company.

In a filing with the bourse, CLIQ directors said “its announcements made to the Bursa Malaysia to-date, still remains”.

It is in the midst of compiling and finalising information in connection with an updated application to be submitted to the Securities Commission, in light of, among others, the proposed rights issue with warrants and proposed increase in authorised share capital, it added.

“Should there be any material development to the proposal as announced by the company in the various announcements, the company will make the necessary announcement to Bursa Malaysia,” it said.

The company was responding to a news article titled, CLIQ may not need a cash call published by The Edge Malaysia for the week of Dec 7-13, 2015.

The news report, citing sources, said CLIQ may cancel its RM210 million cash call due to the lower valuation on its QA.

The QA involved acquiring a 51% stake in a vehicle, housing Phystech Firm LLP’s two onshore Kazakhstan oilfields.

CLIQ closed unchanged at 68.5 sen today, with market capitalisation of RM432.2 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)