Reach Energy's QA approved
16 Nov 2016 / 13:41 H.
KUALA LUMPUR: Shareholders of Reach Energy Bhd approved the special purpose acquisition company's (SPAC) qualifying acquisition (QA) at its adjourned EGM here today.
81.07% of its shareholders, representing 790.95 million shares, voted for the deal.
Reach Energy is to pay US$154.89 million (RM640.54 million) for a 60% stake in Palaeontol BV, which is the owner of the onshore oil and gas (O&G) field called Emir-Oil LLP in Kazakhstan.
"It has been a long journey for us, particularly myself for the last four years. A lot of people that I need to thank for making the success," Reach Energy managing director and CEO Shahul Hamid Mohd Ismail told a press conference here today.