Daya Materials buys into Reach Energy (Jupiter)

Daya Materials Bhd, will pay RM8m for a stake in Reach Energy Bhd, a special purpose acquisition company (SPAC) headed by its director Shahul Hamid Mohd Ismail. Daya Materials will subscribe to 533,334 redeemable convertible preference shares in Reach Energy at RM4.50 each and acquire 12.4m shares in the shell company at 45 sen each. The subscription will enable Daya Materials to invest in Reach Energy - oil and gas exploration and production company once it completes it qualifying acquisition. Reach Energy has yet to obtain the Securities Commission’s (SC) approval for its listing. The shares subscription deal is conditional upon Reach Energy having obtained the relevant written approval of the SC for the proposed IPO.