General Announcement for PLC

05/03/2016

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS PROPOSED ACQUISITION BY REACH ENERGY BERHAD ("REACH ENERGY") OR A WHOLLY-OWNED SPECIAL PURPOSE VEHICLE TO BE INCORPORATED BY REACH ENERGY, OF 60% EQUITY INTEREST IN PALAEONTOL B.V., A WHOLLY-OWNED SUBSIDIARY OF PALAEONTOL COOPERATIEF U.A. WHICH IN TURN IS AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF MIE HOLDINGS CORPORATION ("MIEH") AND 60% OF THE SHAREHOLDER LOANS IN PALAEONTOL B.V. FROM MIEH FOR A TOTAL PURCHASE CONSIDERATION OF USD154.9 MILLION (EQUIVALENT TO RM638.2 MILLION),SUBJECT TO ADJUSTMENTS

REACH ENERGY BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description 
PROPOSED ACQUISITION BY REACH ENERGY BERHAD ("REACH ENERGY") OR A WHOLLY-OWNED SPECIAL PURPOSE VEHICLE TO BE INCORPORATED BY REACH ENERGY, OF 60% EQUITY INTEREST IN PALAEONTOL B.V., A WHOLLY-OWNED SUBSIDIARY OF PALAEONTOL COOPERATIEF U.A. WHICH IN TURN IS AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF MIE HOLDINGS CORPORATION ("MIEH") AND 60% OF THE SHAREHOLDER LOANS IN PALAEONTOL B.V. FROM MIEH FOR A TOTAL PURCHASE CONSIDERATION OF USD154.9 MILLION (EQUIVALENT TO RM638.2 MILLION),SUBJECT TO ADJUSTMENTS

On behalf of the Board of Directors of Reach Energy, Hong Leong Investment Bank Berhad and Maybank Investment Bank Berhad wish to announce that Reach Energy has on 5 March 2016 entered into a tri-partite conditional Sale and Purchase Agreement with Palaeontol Cooperatief U.A. ("Palaeontol COOP") and MIEH for the proposed acquisition by Reach Energy or a wholly-owned special purpose vehicle to be incorporated by Reach Energy, of 60% equity interest in Palaeontol B.V., a wholly-owned subsidiary of Palaeontol COOP which in turn is an indirect wholly-owned subsidiary of MIEH and 60% of the shareholder loans in Palaeontol B.V. from MIEH for a total purchase consideration of USD154.9 million (equivalent to RM638.2 million), subject to adjustments.

Please refer to the attachment for further details.


Please refer attachment below.


Announcement Info

Company Name REACH ENERGY BERHAD
Stock Name REACH
Date Announced 05 Mar 2016
Category General Announcement for PLC
Reference Number GA1-05032016-00001


Related Announcements for REACH
Date Title
29/08/2022 NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : OTHER ISSUE OF SECURITIES REACH ENERGY BERHAD ("REB" OR THE "COMPANY") (I) PROPOSED DEBT SETTLEMENT; AND (II) PROPOSED EXEMPTION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
25/08/2022 MATERIAL LITIGATION Reach Energy Berhad ("REB" or "the Company") - Court Case in Kazakhstan between Emir-Oil LLP and Ministry of Energy
07/07/2022 OTHERS Reach Energy Berhad ("Reach" or "the Company") - Notice to Warrant Holders in relation to Expiry and Last Date for the Exercise of Warrants 2014/2022 ("Warrants")
30/06/2022 NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : OTHER ISSUE OF SECURITIES REACH ENERGY BERHAD ("REB" OR THE "COMPANY") (I) PROPOSED DEBT SETTLEMENT; AND (II) PROPOSED EXEMPTION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
29/04/2022 AUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN : MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
06/01/2022 OTHERS Reach Energy Berhad ("REB" or "the Company") - Declaration of State of Emergency in Kazakhstan
10/12/2021 MATERIAL LITIGATION Reach Energy Berhad ("REB" or "the Company") - Court Case in Kazakhstan between Emir Oil LLP and Department of Industrial Safety of Mangistau region
01/12/2021 MATERIAL LITIGATION Reach Energy Berhad ("REB" or "the Company") - Court Case in Kazakhstan between Emir Oil LLP and Department of Industrial Safety of Mangistau region
23/11/2021 MATERIAL LITIGATION Reach Energy Berhad ("REB" or "the Company") - Court Case in Kazakhstan between Emir Oil LLP and Department of Industrial Safety of Mangistau region
19/11/2021 MATERIAL LITIGATION Reach Energy Berhad (REB or the Company) - Court Case in Kazakhstan between Emir Oil LLP and Department of Industrial Safety of Mangistau region