PETALING JAYA: Special-purpose acquisition company (SPAC) Reach Energy Bhd
has found its qualifying asset (QA) proposal. But based on the muted response to its share price, it faces the tall order of obtaining shareholders’ approval.
On March 5, Reach Energy announced in a filing with Bursa Malaysia that it was proposing to buy a 60% equity interest in Palaeontol BV for a total of US$154.89mil (RM638.2mil). However, the share price hardly reacted, remaining at 66 sen.
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