Red Sena shares attract trading interest

KUALA LUMPUR: Interest in the Red Sena Bhd picked up this morning following news that the first food and beverage special-purpose acquisition company (SPAC) has proposed to liquidate its business.

Red Sena gained 1.02%, or 0.5 sen to 49.5 sen with over 5.85 million shares traded.

The SPAC has proposed to liquidate its business after failing to secure a qualifying acquisition (QA) within the permitted timeframe.

“The company was listed on Bursa Malaysia on Dec 10, 2015. The last day of the permitted timeframe for the company to complete the QA was on Dec 10, 2018,” Red Sena said in a filing with Bursa Malaysia.

Red Sena has proposed to appoint Onn Kien Hoe and Pauline Teh @ Pauline Teh Abdullah of Crowe Advisory Sdn Bhd (FKA Crowe Horwath Advisory Sdn Bhd) as liquidators.

As at Dec 17, the cash trust assets and the non-cash trust assets stand at RM404.46mil and RM16.91mil respectively.

The proposals are subject to the approval of its shareholders being obtained at the company’s upcoming EGM on Jan 16, 2019.

Red Sena raised proceeds of RM400mil from its initial public offering in December 2015. An estimated 92% or RM368mil from the total proceeds have been set aside for the purchase of a QA.

Source: TheStar