Thursday 28 Mar 2024
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KUALA LUMPUR (April 7): Lembaga Tabung Haji has upped its stake in oil and gas special purpose acquisition company (SPAC) Reach Energy Bhd to 5.08% stake, representing 64.96 million shares.

In a filing to Bursa Malaysia today, it was revealed that the pilgrimage fund had purchased a total of 1.72 million Reach Energy shares between March 29, 2016 and April 4, 2016.

Tabung Haji is the second largest shareholder, after Reach Energy’s managing director Shahul Hamid Mohd Ismail, who has a 20% stake in the company.

The special purpose acquisition company (SPAC) is acquiring a controlling 60% stake in Kazakhstan's Emir-Oil fields for US$154.9 million (RM638.2 million). Emir-Oil will be Reach Energy's first hydrocarbon asset.

Reach Energy’s shares closed up 0.5 sen (0.73%) today to 69 sen, for a market capitalisation of RM881.7 million.

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