KUALA LUMPUR (Nov 4): Reach Energy Bhd’s shareholders have voted to adjourn the company’s extraordinary general meeting (EGM) for 30 days, after a group of shareholders voted against its proposed qualifying acquisition (QA) of a 60% stake in an oilfield in Kazakhstan. Reach Energy needed 75% of its shareholders to vote yes, in order to pass the QA. Reach Energy's management team owns 20% or 255.6 million shares, though these are non-voting shares and so, they cannot vote during the EGM. At a press conference after the EGM was adjourned, Reach Energy managing director Shahul Hamid Mohd Ismail said the SPAC’s shareholders were interested in approving the QA, but just needed more time to review the proposal. Reach Energy closed unchanged at 71.5 sen today, giving it a market capitalisation of RM926.4 million.

Source: The Edge Markets November 04, 2016 11:19 UTC