Reach Energy eyes up Malaysian Spac record

By Rev Hui
15 May 2014

Malaysia’s Reach Energy is looking to become the fourth special purpose acquisition company (Spac) to list on the country’s stock exchange, having filed for a MR750m ($232m) IPO on Monday. If successful, Reach Energy could trump Sona Petroleum as the largest Malaysian Spac listing.

Spacs are companies with no existing operations but which undertake an IPO for the purpose of acquiring businesses with the proceeds raised.

Reach Energy will be looking to acquire firms in the oil and gas sector. Managing director Shahul Hamid bin Mohd Ismail is an industry veteran, having ...

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