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The Star Online - Reach Energy gets SC nod to list, to raise RM750m
KUALA LUMPUR: Oil & gas special purpose acquisition company Reach Energy Bhd has received the Securities Commission's (SC) approval to list on Main Market of Bursa Malaysia.
It said on Friday it expects to complete the flotation exercise by third quarter of 2014.
Reach Energy targets to raise RM750mil from its initial public offer, which will make it the largest SPAC to be listed on Bursa Malaysia to date.
Reach Energy's IPO at 75 sen per share comprising of 980 million shares with 980 million warrants on a one-for-one basis which would be placed out to selected investors.
The other 20 million shares with 20 million warrants on a one-for-one basis would be offered to the Malaysian public.
Hong Leong Investment Bank Bhd is the principal adviser, placement agent and underwriter for Reach Energy's IPO.
About 94.75% of the proceeds raised from the IPO exercise would be used to buy assets the remaining 5.25% for working capital and listing expenses.
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