Reach Energy gets substantial shareholder

PETALING JAYA: Reach Energy Bhd stated Super Racer Ltd (SRL) has emerged as a substantial shareholder in the company following the completion of the proposed debt settlement amounting to RM206.51mil or 76% of the debt owed to SRL.

SRL’s now holds 1.032 billion Reach Energy shares or 48.5% of the enlarged issued share capital.

In a statement yesterday, Reach Energy said SRL’s has agreed to make available a shareholder loan facility of up to US$5mil or RM22.87mil to the company.

A total of RM20.37mil or 89% of the proceeds from the shareholder loan facility would be used for working capital which encompasses the day-to-day administrative, operational and financing expenditure as well as general corporate purposes, the upstream energy company said.

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ReachEnergy , newshareholder , SuperRacer , loan , debt


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