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NewsReach Energy 2H loss widened to RM25.82 mil
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Reach Energy 2H loss widened to RM25.82 mil
by Cals Wed 01 Oct 2014, 07:54
| Reach Energy 2H loss widened to RM25.82 mil |
| Business & Markets 2014 |
| Written by Sulhi Azman of theedgemalaysia.com |
| Tuesday, 30 September 2014 19:40 KUALA LUMPUR: Special purpose acquisition company (SPAC) Reach Energy Bhd saw its net loss for the six months ended July 31, 2014 (2HFY14) widening to RM25.82 million from RM2.17 million due to listing expenses of RM24.02 million. Its revenue - finance income - surged 62-fold to RM264,452 from RM4,284 in 2HFY13, its listing to the local exchange today showed. For the full year ended July 31, 2014 (FY14), net loss expanded to RM28.30 million from RM2.17 million a year ago, while finance income grew to RM331,228 from RM4,284 previously. Reach Energy was listed in Bursa Malaysia on Aug 15 this year and managing director Shahul Hamid Mohd Ismail had said on its maiden trading day that the SPAC expected to finalise its qualifying acquisition in the Asia Pacific region “within the given time frame”. It was the fourth oil and gas SPAC to list on Bursa Malaysia after Hibiscus Petroleum Bhd, CLIQ Energy Bhd and Sona Petroleum Bhd. As a SPAC, Reach Energy is required to acquire oil and gas assets within 36 months or three years from the listing date. |
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