Reach Energy Completes Proposed Debt Settlement Exercise

Reach Energy Berhad announces the completion of its corporate exercise namely the proposed debt settlement earlier today. 

The successful completion of the Proposed Debt Settlement amounting to RM206.51 million or approximately 76% of the Debt owing to Super Racer Limited signals SRL’s emergence as a major shareholder with 1,032,544,282 shares or 48.5% of the enlarged issued share capital.  

The completion of the Proposed Debt Settlement also marked SRL’s entry into a shareholder loan facility agreement to make available a shareholder loan facility of up to USD5 million or RM22.87 million to the Company. Approximately RM20.37 million or 89% of the total proceeds from the shareholder loan facility will be used for working capital which encompasses the day-to-day administrative, operational, and financing expenditures as well as general corporate purposes.   

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