Reach Energy SPAC listing gets SC nod


Dateline 2014-06-23, The Sun Daily:

Reach Energy Bhd, the fourth oil and gas (O&G) special purpose acquisition company (SPAC) to be listed, aims to raise RM750 million from a listing on the Main Market of Bursa Malaysia.

It obtained approval from the Securities Commission Malaysia (SC) for its listing exercise last Thursday.

Reach Energy’s initial public offering (IPO) exercise provides an issue price of 75 sen per public issue share which comprises: 980 million public issue shares together with 980 million Warrants on the basis of one warrant for every one public issue share subscribed by way of placement to selected investors and 20 million public issue shares together with 20 million warrants on the basis of one warrant for every one public issue share subscribed available for application by the Malaysian public.

The company said in a statement last Friday that it expects to complete the flotation exercise by the third quarter of 2014.
Hong Leong Investment Bank Bhd is the principal adviser, placement agent and underwriter for its initial public offering (IPO) exercise.

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