New Straits Times Business Online - Reach Energy targets to raise RM750m from IPO

REACH Energy Bhd, which is set to be the largest special purpose acquisition (SPA) company listed on Bursa Malaysia, has placed out 980 million shares to cornerstone and institutional investors, leaving only 20 million shares for the public to subscribe for under its initial public offering (IPO).

Reach Energy will raise RM750 million from the sale of one billion shares at 75 sen each.

It expects to have a market capitalisation of RM958 million upon listing, tentatively scheduled on August 15.

Managing director and chief executive officer Shahul Hamid Mohd Ismail said Reach Energy has locked in the likes of Lembaga Tabung Haji, infrastructure company MTD Capital Bhd, Hong Leong Asset Management Bhd and CIMB-Principal Asset Management Bhd as cornerstone investors.

Read Full Article in HTML

1. Reach Energy targets to raise RM750m from IPO