Reach crosses another hurdle

This file picture taken on 15 August 2014 shows Reach Energy Bhd MD Ir Shahul Hamid Mohd Ismail viewing the board of the stock exchange as the largest oil and gas SPAC Reach Energy Bhd debut on the Bursa Malaysia

PETALING JAYA: Special-purpose acquisition company (SPAC) Reach Energy Bhd could be a step closer to securing shareholder approval for its maiden acquisition of an oil and gas (O&G) field in Kazakhstan after one shareholder bought out another “yield-seeking” one.

Yesterday saw close to 118 million shares amounting to a 9.42% block in Reach crossing hands at a price of 76 sen apiece, which was five sen above market.