The Rakyat Post Business Online - Norway sovereign fund buys into Reach Energy IPO

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

Norges Bank Investment Management, the world's largest sovereign wealth fund, is among cornerstone buyers in the RM750 million IPO of Reach Energy, managing director Shahul Hamid Mohd Ismail said in an interview.

State-run funds Koperasi Permodalan Felda Malaysia Bhd and Lembaga Tabung Haji are also buying stakes in the so-called special-purpose acquisition company, Shahul said.

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1. Norway sovereign fund buys into Reach Energy IPO