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Bernama Business Online - Reach Energy Aims To Seal Asset Acquisition In 12-18 Months
KUALA LUMPUR, July 24 (Bernama) -- Reach Energy Bhd, enroute to a listing on Bursa Malaysia next month, plans to seal its acquisition of assets in 12-18 months.
"We have a handful of assets being evaluated but it will take time to conclude the deals due to regulatory and shareholders approval process," Chief Executive Officer and Managing Director Shahul Hamid Mohd Ismail told reporters after the launch of the company's prospectus in conjunction with its initial public offering, here Thursday.
He was responding to question on whether Reach Energy would seal its acquisition deals faster than its rival, Sona Petroleum Bhd.
Sona, listed on Bursa Malaysia in July last year, made its maiden deals to partly purchase two oil and gas (O&G) blocks in the Gulf of Thailand last week from UK-based Salamander Energy Ltd, for some RM900 million.
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