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The Star Business Online - Reach Energy to buy asset in 'shortest time possible'
KUALA LUMPUR: Reach Energy Bhd, the fourth and largest special purpose acquisition company (SPAC) to be listed on Bursa Malaysia, expects to secure its first oil and gas asset within one to two years of its initial public offering (IPO).
The listing, which will raise RM750mil, is slated for Aug 15.
"We are not short on acquisition targets and I'm confident it will take us less than three years to complete our qualifying acquisition (QA)," managing director Shahul Hamid Mohd Ismal told reporters at the launch of the prospectus yesterday.
"Our independent researcher has found that these assets (which fit Reach Energy's criteria) are available. Oil majors are also divesting their stakes in mature fields.
"It doesn't mean the assets are bad, as international oil companies tend to rationalise their interests from time to time.
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