Reach Energy’s IPO attracts Norwegian wealth fund

Malaysia’s Reach Energy Bhd has attracted investors including Norway’s US$890 billion sovereign wealth fund in an initial public offering to fund its acquisitions of oil and gas fields. Reach-Energy-Generic-logo-360x243

Norges Bank Investment Management, the world’s largest sovereign wealth fund, and Malaysia’s pilgrim fund will invest in the 750 million ringgit (S$293 million) IPO, managing director Shahul Hamid Mohd Ismail said in a July 21 interview. The Norwegian fund will own a substantial stake in the special-purpose acquisition company.

Source: Business Times

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