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The Edge Business Online - Reach Energy Obtains Approval From Sc For Listing
KUALA LUMPUR (June 20): Reach Energy Bhd announced that it has obtained approval from the Securities Commission for its listing exercise, according to a press statement released today.
KThe company is expecting to complete its floatation exercise by the third quarter of 2014 and plans to raise RM750 million from its IPO exercise which will make it the largest special purpose acquisition company to be listed to date.
The press statement added that approximately 94.75% of the proceeds raised from the IPO have been earmarked for the acquisition of target assets and the remaining 5.25% for working capital and listing expenses.
The company is helmed by Ir. Shahul Hamid Bin Mohd Ismail, who has 34 years of experience in the oil and gas industry.
The 34 year old oil and gas veteran has previously worked with Esso and Shell in many senior exploration and production roles.
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