The Malaysian Reserve Corporate Online - Reach Energy's 980m shares alloted taken up

Reach Energy Bhd (REB) has received overwhelming support from institutions and high net-worth individuals for its upcoming initial public offering (IPO) of one billion new shares with all 980 million shares alloted taken up, leaving only 20 million shares alloted to the Malaysian public.

"All 980 million shares have been taken up within a week after book building date (June 22, 2014)," CFO Azmi Arshad told the media at REB's prospectus launch in Kuala Lumpur yesterday.

The special-purpose acquisition company (SPAC) has also managed to attract cornerstone investors which act as a shield against a jittery regional market and enticer to a company's IPO.

According to its propectus, the cornerstone investors are Lembaga Tabung Haji, Hong Leong Asset Management Bhd, CIMB-Principal Asset Management Bhd, MTD Capital Bhd, MWK Jaya Sdn Bhd, Poh Yang Hong and Tan Sri Chua Ma Yu's son, Chua Sai Min.

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1. Reach Energy's 980m shares alloted taken up