MTD Capital disposes of 10.36% stake in Reach Energy

KUALA LUMPUR (June 27): Highway construction group MTD Capital Bhd has ceased to be a substantial sharelder in Reach Energy Bhd, after disposing of a 10.36% stake in the oil and gas company.

The stake, comprising 114 million shares, were sold in the open market on June 24, said Reach Energy in a bourse filing.

MTD Capital, which was the second largest shareholder of Reach Energy, had emerged as a substantial shareholder in October 2016 after acquiring a 11.68% stake, comprising 117.87 million shares.

Following the disposal, MTD Capital is left with a 0.05% stake or 595,690 shares in Reach Energy.

Reach Energy shares settled five sen or 5.88% lower at 8 sen on Monday (June 27), giving the group a market capitalisation of RM82.84 million.