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The Star Business Online - Reach Energy locks in cornerstones for IPO
KUALA LUMPUR: Malaysia's Reach Energy Bhd, a special purpose acquisition company (SPAC) with no existing assets, has locked in up to seven cornerstones for its RM750mil (US$236.93mil) IPO, two sources involved with the deal said.
The IPO could mark Malaysia's largest listing by a shell company with no assets. A SPAC is set up with the intention of buying firms that will be later folded into the business.
The cornerstone investors will take up about 150 million ringgit of the offer, the sources said. The cornerstones include pilgrim fund Lembaga Tabung Haji, CIMB Principal Asset Management, Hong Leong Asset Management and Malaysia's infrastructure firm MTD Capital, the sources added.
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