Reach Energy sees 9.22% stake traded off market

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KUALA LUMPUR (Oct 20): Reach Energy Bhd saw some 117.87 million shares, representing a 9.22% stake, in the oil and gas special purpose acquisition company traded off market today, for RM89.58 million.

According to Bloomberg data, Reach Energy's shares were moved in one direct business transaction block at 76 sen per share, which is 6.3% higher than the 71.5 sen closing price of its shares today.

However, it is not immediately known as to who the parties involved in the transactions were.

Meanwhile, filings with Bursa Malaysia today showed Credit Suisse Group AG acquiring a total of 5.11 million shares in Reach Energy in two blocks through the open market. This brings the group's shareholding to 103.18 million or a 8.07% stake.

Reach shares closed 0.5 sen or 0.7% higher at 71.5 sen today, for a market capitalisation of RM913.64 million. Some 14.34 million shares were exchanged. Year to date, the counter has risen 12.5%.