The Edge Business Online - Malaysia's Reach Energy Shares Fall On A Market Debut

KUALA LUMPUR (Aug 15): Malaysia's Reach Energy Bhd , a special purpose acquisition company (SPAC), dropped on its first day of trade in Kuala Lumpur after completing the country's largest initial public offering by a shell company with no existing assets.

Shares of Reach Energy, set up by veterans in the Malaysian energy industry, fell 5.3 percent to 71 sen as of 0136 GMT, down from its offer price of 75 sen per share. The stock dropped as much as 8 percent to 69 sen.

The 750 million ringgit ($236.44 million) IPO exceeds those of similar local SPACs such as Sona Petroleum Bhd and Cliq Energy Bhd, which raised between $100 million and $150 million last year.

Read Full Article in HTML

1. Malaysia's Reach Energy Shares Fall On A Market Debut