The Sun Daily - Daya buys into Reach Energy
PETALING JAYA (July 30, 2013): Daya Materials Bhd, an oil and gas company, said it will pay RM8 million for a stake in Reach Energy Bhd, a special purpose acquisition company (SPAC) headed by its director Shahul Hamid Mohd Ismail.
In a statement to Bursa Malaysia yesterday, Daya Materials said it will subscribe to 533,334 redeemable convertible preference shares in Reach Energy at RM4.50 each and acquire 12.44 million shares in the shell company at 45 sen each.
“The subscription will enable Daya Materials to invest in Reach Energy, a company which will be an oil and gas exploration and production company, once it completes it qualifying acquisition,” it said.
As it is, Reach Energy has yet to obtain the Securities Commission’s (SC) approval for its listing.
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