IPO Malaysia
IPO - Reach Energy Berhad (REACH)
Listing Detail:
Listing Sought: Main Market
Issue Price: RM 1.19
Par Value: RM 0.01
Dates:
Offer Period Open: 24-07-14
Offer Period Close: 4-08-14
Tentative listing date: 15-08-14
Number of shares:
Public Issue: 20,000,000
Offer for Sale: -
Private Placement: 980,000,000
Stock Code: REACH
Official Announcement
PUBLIC ISSUE OF 1,000,000,000 NEW ORDINARY SHARES OF RM0.01 EACH IN OUR COMPANY (“PUBLIC ISSUE SHARES”), TOGETHER WITH 1,000,000,000 FREE DETACHABLE WARRANTS (“WARRANTS”) ON THE BASIS OF 1 WARRANT FOR EVERY 1 PUBLIC ISSUE SHARE SUBSCRIBED, AT AN ISSUE PRICE OF RM0.75 PER PUBLIC ISSUE SHARE PAYABLE IN FULL UPON APPLICATION COMPRISING:
- 980,000,000 PUBLIC ISSUE SHARES TOGETHER WITH 980,000,000 WARRANTS ON THE BASIS OF 1 WARRANT FOR EVERY 1 PUBLIC ISSUE SHARE SUBSCRIBED BY WAY OF PLACEMENT TO SELECTED INVESTORS; AND
- 20,000,000 PUBLIC ISSUE SHARES TOGETHER WITH 20,000,000 WARRANTS ON THE BASIS OF 1 WARRANT FOR EVERY 1 PUBLIC ISSUE SHARE SUBSCRIBED AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC,
IN CONJUNCTION WITH OUR LISTING ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD
Company Overview
The company was incorporated in Malaysia under the Companies Act 1965 as a private limited company on 7 February 2013 under the name of Reach Energy Sdn Bhd. On 2 August 2013 thecompany converted into a public company and renamed Reach Energy Berhad. Reach Energy’s securities (shares and warrants) have been classified as Shariah-compliant securities.
Reach Energy Berhad intend to list on the Main Market of Bursa Securities as a Special Purpose Acquisition Company (SPAC). A SPAC is a company which has no operations or income generating business at the point of Initial Public Offering (IPO) but undertake an IPO for the purposes of raising funds to acquire operating companies or businesses, otherwise known as a Qualifying Acquisition (QA).
Address & Contact:
Level U6, Block D3, Solaris Dutamas,
No.1, Jalan Dutamas 1,
50480 Kuala Lumpur
Tel: +603-6206 4928
Fax: +603-6206 4929
Email: info@reachenergy.com.my
Website: www.reachenergy.com.my
In the News: Reach Energy aims to raise RM750 million from IPO
Reach Energy Bhd (Reach Energy), the latest oil & gas special purpose acquisition company (SPAC) which is en route for a listing on the Main Market of Bursa Malaysia, is aiming to raise RM750 million from its initial public offering (IPO) exercise.
This will subsequently make it the largest SPAC to be listed on Bursa Malaysia to date.
The company had recently announced that it has obtained the approval from the Securities Commission Malaysia (SC) for its listing exercise.
According to a press statement, the company expects to complete the flotation exercise by third quarter of 2014.
“Our management team members have an average of over 30 years of experience in the oil & gas industry worldwide, especially in the Asia Pacific region, encompassing the entire value chain of the upstream sector of the industry.
“With the industry-hardened management team and the board, we believe that we will be able to secure our targets and deliver much shareholder value timely,” Reach Energy managing director Ir Shahul Hamid Mohd Ismail said.
The company targets to raise RM750 million from its IPO exercise, which will make Reach Energy the largest SPAC to be listed on Bursa Malaysia to date. Reach Energy is syariah compliant as approved by the syariah Advisory Council of the SC.
According to the listing plan, approximately 94.75 per cent of the proceeds raised from the IPO exercise has been earmarked for the acquisition of target assets and/or the company and the remaining 5.25 per cent for working capital and listing expenses.
Of note, Reach Energy is the fourth oil & gas SPAC to be listed on the exchange after the successful listing of Hibiscus Petroleum Bhd, CLIQ Energy Bhd and Sona Petroleum Bhd.
Hong Leong Investment Bank Berhad is the Principal Adviser, Placement Agent and Underwriter for Reach Energy’s IPO exercise.
Reach Energy’s IPO exercise provides an issue price of RM0.75 per public issue share which comprises 980 million public issue shares together with 980 million warrants on the basis of one warrant for every one public issue share subscribed by way of placement to selected investors.
The exercise also comprises of 20 million public issue shares together with 20,000,000 warrants on the basis of one warrant for every one public issue share subscribed available for application by the Malaysian public.
-- The Borneo Post
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Discussions
3 people like this. Showing 50 of 169 comments
REACH -WA LIMIT UP 30.5 SEN meaning NO SELLER , mother REACH RM 1.00 ++ .....huarttt arrrrrrrr $$$$
2014-08-15 05:20
IPO REACH-WA LIMIT UP TODAY 30.5 SEN ,,,,as comparison even less popular SONA-WA SOARED ( jump ) 247 % during dull market lasy year !
NOW SUPER RALLY ON WARRANT & PENNY STOCK...$$$$$
MOTHER REACH >> RM 1.00 ++
read the following >> for the record
Sona's warrants soar 247% on debut
Posted on 31 July 2013 - 05:36am
Ee Ann Nee
sunbiz@thesundaily.com
KUALA LUMPUR (July 31, 2013): Sona Petroleum Bhd, the third special purpose acquisition company (SPAC) to list on Bursa Malaysia, saw its warrants soar 246.67% to 26 sen at the close of its first trading day yesterday, as investors saw high value in snapping up warrants in the company
2014-08-15 05:31
Latest....HOT...HOT REACH-WA ( 5256-WA) IPO this MORNING LIMIT UP 30.5 SEN...$$$$$
2014-08-15 07:27
REACH -WA IPO ( 5256-WA ) LIMIT UP 30.5 SEN this morning $$$$$$$$$$$$$$$$$
2014-08-15 08:27
REACH-WA IPO LIMITTTTTTTTTTTTTT UP $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
2014-08-15 08:31
At 9.30am, REACH warrants high is 29sen, now is about 20sen. Btw, what is the exercise price?
2014-08-15 09:33
you guys should start accumulating now, is just a zone to collect more, but don't listen too much to DR WARRANT, he is DR KIM in investlah- famous for trapping people on IPO
2014-08-15 09:34
seller taking profit will start to finish soon, now is the time for buyer to come in
2014-08-15 09:53
anyone knows if this SPAC fails after 3 years, how much we can get back? not full 75sen?
2014-08-15 10:06
Can I know how to convert the REACH-wa to REACH later? Is it we can do the conversion anytime? Provided REACH is above 0.75 sen?
2014-08-15 10:07
Sebelum disenarai ghairah nak beli..ada yg kecewa tak dapat IPO...ini semua org2 yg menilai counter...nah lihat harga sekarang.....Sebenarnya counter ni boleh jalan but not now..
2014-08-15 10:08
very safe price is 67.5c because its 90% of mother price..
however based on current supply and demand, seems 69c was the lowest price it touched..therefore to me 70-71c seems still a safe price to buy
i bought a little bit higher but can hold so no problem..
2014-08-15 10:13
Dr KIM in BURSA CUSTODY due to REACH manipulation this morning !!,,,,sighh sighhh
2014-08-15 10:14
Cornerstone investors of Reach :
Lembaga Tabung Haji
Koperasi Permodalan Felda Malaysia Bhd
Pelaburan Mara Bhd
MTD Capital Bhd
Paul Poh (Quek's associate)
Chua Sai Men (son of Chua Ma Yu)
Cornerstone collectively own 20% of Reach.
Funds holding Reach :
Norges (Norway’s sovereign fund)
Areca Asset Management
Kenanga Investment
Allianz Investment
2014-08-15 14:05
I plan to hold it till they purchase sth. What do you think? Hopefully REACH can be second HIBISCUS?!
2014-08-15 15:10
Since you are thinking long term, should be a good buy for you.
I bought at 72.5, will decide based on performance next week.
2014-08-15 15:22
Thanks, bolt. I don't buy a lot REACH & REACH-wa. I just slowly buy it. I got allocated 9k share during IPO. Thus plan to accumulated more if drop.
2014-08-15 15:34
Bought some today at 70 sen n now queuing some more at 69.5 sen n 69 sen..........
2014-08-15 15:47
https://uk.finance.yahoo.com/news/malaysias...-013836862.html
Malaysia's Securities Commission said in December that SPAC funds from an IPO must not be used to pay remuneration for the management team until an asset acquisition is completed. The company's management also cannot sell their shares in the SPAC until assets are generating income.
The firm's management, whose experience and track record must fall in line with the SPAC's objectives, must hold at least a 10 percent stake to ensure a "meaningful financial participation".
Reach Energy is led by Managing Director and Chief Executive Officer Shahul Hamid, who has had senior roles at Esso, Shell and Petroleum Development Oman (PDO). Other top officials include former staff from Petronas, Schlumberger and Sime Darby.
According to Reach Energy's IPO prospectus, Malaysia's pilgrimage fund Lembaga Tabung Haji, CIMB-Principal Asset Management Bhd, and Hong Leong Asset Management are among the cornerstone investors in the sharia-compliant company.
"This is seen as the safest SPAC to date, because it is the first one to genuinely attract institutional attention here," said a banker who was involved in the Reach Energy IPO.
2014-08-15 18:00
Why so worry.they already recognized company they want to acquire.the acquisition negotiation will commencing as soon as possible.just put your faith in this company.it will be better than sona and much better than cliq.
2014-08-15 19:54
Yes, keep for long term for better returns...............................trade at own risk
2014-08-15 23:03
Institutions & funds investors of Reach:
Lembaga Tabung Haji
Koperasi Permodalan Felda Malaysia Bhd
Pelaburan Mara Bhd
Norges (world’s largest sovereign wealth fund)
CIMB Principal Asset Management
Hong Leong Asset Management
MTD Capital
Kenanga Investors
Areca Asset Management
Allianz Investment
Chua Sai Men (Chua Ma Yu's son)
Poh Yang Hong (Tan Sri Quek's associate)
Just shows how good Reach Energy is.
http://hongwei85.blogspot.com/2014/08/ipo-reach-energy-well-known-cornerstone.html
2014-08-18 07:42
What happen to Public investor contained 20 Million, if still hold the share?
2014-08-18 09:51
A lot of solid supporters, no worry will up soon after clearing all the weak holders..................trade at own risk
2014-08-18 11:57
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