Malaysias Reach Energy Bhd. is attracting investors from around the world
Published By : 24 Jul 2014 | Published By : QYRESEARCH
Investors from around the world such as Norway’s sovereign wealth fund worth USD 890 billion has been attracted by Malaysian Reach Energy Bhd. in an initial public offering to fund their acquisitions of gas and oil fields.
The largest sovereign wealth fund in the world, the Norges Bank Investment Management and Malaysian pilgrim fund will be soon investing in the USD 237 million IPO, was stated by Director Shahul Hamid Mohd Ismail in an interview. The fund from Norway will own a significant stake in the special-purpose acquisition organization, according to the Director.
Since, the demand for energy is rising; many companies such as Reach Energy are buying and developing smaller gas and oil fields which are generally ignored by their larger international counterparts. For example, Sona Petroleum Bhd. in Malaysia also has a special-purpose acquisition company, which has finalized an agreement this week to invest in two Thai gas and oil blocks which are of U.K.-based Salamander Energy Limiter.
According to the Director, the top and single immediate plan for them is to get their qualified acquisition. Shahul is a former Royal Dutch Shell executive, who previously managed production and exploration assets in Malaysian states of Sabah and Sarawak, and in Brunei.
The director stated that with the confidence of such organizations, the way for them to grow in the business was paved.