KUALA LUMPUR: Reach Energy Bhd’s intention to buy a 60 per cent stake in Palaeontol BV in Kazakhstan hits a snag after its shareholders opted for adjournment of the extraordinary general meeting (EGM) yesterday. “There were of course reasonable doubts over the acquisition, but we are happy that they seemed keen on making the acquisition proposal a pass,” he said yesterday. Reach’s proposal was to buy a 60 per cent stake in Palaeontol, which is the owner of the onshore oil and gas field Emir-Oil LLP in Kazakhstan for US$154.9 million (RM650.58 million). The vendor of the stake in Palaeontol is Hong Kong-listed MIE Holdings Corp, which plans to own the remaining 40 per cent in Palaeontol. It was earlier reported that Reach will assume 60 per cent of Palaeontol BV’s outstanding shareholder loans under the acquisition.

Source: New Strait Times November 05, 2016 08:15 UTC