Liberty Resources Acquisition Corp Unveils M&A Transition Taskforce Establishment

KUALA LUMPUR, March 31 (Bernama) -- Liberty Resources Acquisition Corp (Liberty), a special purpose acquisition company, announced the establishment of a merger and acquisition (M&A) Transition Taskforce to support the business combination with Caspi Oil Gas LLP (COG) and execution of pre and post transaction business plans.

As previously announced, Liberty entered into a definitive business combination agreement effective Dec 15, 2022 that will result in Liberty becoming a wholly owned subsidiary of Liberty Onshore Energy B.V. (PubCo).

Through a complex restructuring PubCo will become the resultant amalgamated parent company and is expected to continue a listing on the Nasdaq Stock Exchange.

“The formation of the M&A taskforce is an important milestone as we accelerate our plans and strategies. It is important we lay the necessary foundation for a successful asset before the business combination is complete.

“This foundation is planned to enable the implementation of our project development and implement management structures to support these plans,” said Liberty Chief Executive Officer, Datuk Maznah Abdul Jalil in a statement.

The M&A Transition Taskforce, led by Tan Sri Wan Zulkiflee Wan Ariffin, comprises five individuals, bringing decades of expertise and leadership to the transition team.

The first order of business consisted of a visit to Rakushechnoye Field, COG’s Investment Venture in Kazakhstan. This visit is the first of the transition team, which was a follow-up visit to that by the advisers of Liberty Resources in the first quarter of 2022.

The transition team will remain in place until the public company transaction is complete, which is expected in the second half of 2023.

-- BERNAMA