Reach Energy hopes to hold EGM in September

Reach Energy Bhd managing director Shahul Hamid Mohd Ismail.

KUALA LUMPUR: Reach Energy Bhd hopes to fulfill all conditions precedent for its purchase of the qualifying asset (QA) and hold an extraordinary general meeting by September 2016. 

The special purpose acquisition company (SPAC) said on Tuesday that it had done its part and hoped shareholders, such as major substantial ones including Tabung Haji and Credit Suisse would approve the acquisition.

"We think we can have our EGM by September once all conditions precedent have been fulfilled," its managing director Shahrul Hamid Mohd Ismail said at a press conference. 

In 2015, it evaluated over 40 potential targets spanning several countries. The targets were reduced to four potential candidates that underwent further evaluation and detailed technical, financial and legal assessments.

On March 5, Reach Energy announced its proposed QA. 

Shahrul said the company’s goal was to expeditiously complete the QA and thereon move towards enhancing shareholders’ value. 

“The company has commenced the preparation of the QA submission to the relevant authorities and is in the midst of finalising the QA submission. 

“The past 18 months have been both challenging and exciting; the next twelve months will prove to be even more of the same,” he said. 

During the AGM, its shareholders passed six resolutions which included the re-election of Aonghus Joseph O’Carroll as independent non-executive director and the re-appointment of Izlan Izhab as chairman and senior independent non-executive director.