The Borneo Post Business Online - World's biggest wealth fund among Reach Energy Investors

REACH Energy Bhd (Reach Energy) has attracted investors including Norway's US$890 billion (RM2.82 trillion) sovereign wealth fund in an initial public offering to fund its acquisitions of oil and gas fields.

Norges Bank Investment Management, the world's largest sovereign wealth fund, and Malaysia's pilgrim fund will invest in the RM750 million (US$237 million) IPO, managing director Shahul Hamid Mohd Ismail said in a July 21 interview.

The Norwegian fund will own a substantial stake in the special-purpose acquisition company, he told reporters yesterday.

Rising energy demand is spurring companies such as Reach Energy to buy and develop smaller oil and gas fields ignored by their larger international counterparts. Sona Petroleum Bhd, also a special-purpose acquisition company, finalised an agreement this week to buy a stake in two Thai oil and gas blocks of UK-based Salamander Energy Ltd.

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1. World's biggest wealth fund among Reach Energy investors