From the Edge Weekly :

According to sources, the company has since recapitalized following the conversion of the debt owning to MIEH via the issuance of new shares.

"Reach Energy slipped into PN17 status based on the unaudited results for the period ended December 2022. The debt-to-equity exercise was only completed in March this year," says a source.

If the sale of the Emir-Oil concession materialises, Reach Energy will be a cash company with no assets. However, the amount of cash in the company from the sale of the Kazakstan asset will be far from the 75 sen per share that early investors paid when it was listed as a SPAC.

From the Edge Weekly :

" Moreover, the current controlling shareholders of the concession, who also control Reach Energy, want to exit the exploration and production of the O & G business. They used to own and operate the oilfield until Reach Energy`s previous shareholders acquired a 60 % stake in the concession in 2016."

From the The Edge Weekly :

Sources say several suitors are keen to explore the prospect of taking over the concession, which was valued at close to USD300 Million in 2016. The concession, called the Emir-Oil LLP,spans six oilfields in an area of 847 sq kilometers.

" The suitors are keen on the asset and aware that more money had to be ploughed in to enhance production. But they feel that oil price will be able to sustain at above USD 70 per barrel and the Reach Energy concession has a low production cost,"
Says a source.

Ok i already read the digital version of The Edge Weekly and the title is " Reach Energy to dispose of Kazakhstan oilfield "

I decided to buy this counter on Monday. Thank you highlighting this earlier.

oh ok thank you birkincollector for the info.

I also think they need to find other producing well so that earning and profit can be improve from time to time.

oh where you found that reading material birkincollector ? mind to share here the link.

THE DOWNFALL OF MALAYSIA'S LARGEST PRIVATE COMPANY

Once valued at $6 billion USD, Malaysian oil and gas company Sapura Energy has experienced a stunning downfall, with declining oil prices, falling demand, and a large debt burden leading to net losses since 2014.

Narrated by Tom Mckay
Video Edited by iyanbriandi

https://www.youtube.com/watch?v=mjLGyAz7nBE

interesting to see how they going to push this counter.

Like it or not in order to stay in power, Anwar or PH need UMNO and Zahid in order to bring Malay vote to support his government. Anwar know, other than PH supporters, PH unable to bring Malay vote in support of PH and that is why he need UMNO and his captain i.e Zahid in order to survive as UMNO can also bring significant Malay vote to the current government to ensure it is not collapse.

This came after the listing of 1.03 billion shares in Reach Energy slated for SRL at 20 sen apiece, as part of the company’s debt settlement exercise to settle RM206.51 million or 76% of the debt it owes to SRL.

In a statement, Reach Energy noted that it completed the exemption of SRL and Cheung Siu Fai — SRL's sole director and owner — from their obligation to undertake a mandatory takeover offer for the company’s remaining shares.

“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 US$5 million or RM22.87 million to the company,” it said, adding that 89.07% or RM20.37 million will be used for working capital.

emm interesting

Citaglobal and Genetec form JV to manufacture battery energy storage systems

https://www.theedgemarkets.com/node/662472

Look like a few days price stable and now start the reversal.

The two companies will form a JV company, Energy Absolute Malaysia, who will make business investments with CFM Malaysia. The joint investments will be driven by new teams from both nations to integrate clean energy and mobility solutions to help corporations decarbonise effectively. Datuk Justin Lim further added that CFM and EA plan to produce Lithium-Ion batteries and investing in Energy Storage Systems (ESS) and charging stations to support Malaysia’s EV ecosystem.

lama betul consolidation

Banks in trouble, Airlines and Gloves rebound (This Week In Bursa #1)

https://www.youtube.com/watch?v=BJZXtIGvPhI&t=13s

Anwar Visits China, Mr DIY dumps, Top Glove On Fire (This Week In Bursa #2)

https://www.youtube.com/watch?v=RBR78p-ZJzM

After COVID-19, Time for the World to Brace for Deadly Marburg Virus? | Vantage with Palki Sharma

https://www.youtube.com/watch?v=5b5kvI7eFh4

World Dumps US Dollar: Malaysia Proposes “Asian Monetary Fund” | Vantage with Palki Sharma

https://www.youtube.com/watch?v=4lR8fCenE2A

waaaaa

https://www.youtube.com/watch?v=arbVDiSYPig

Malaysia, China to discuss ‘Asian Fund’ to cut dollar dependency

As i told you before. The real reason for oil cut is to cut dollar dependency. Now Malaysia also joining the pack of cutting US dollar dependency.

https://www.youtube.com/watch?v=FMG-6sEzjFM

OPEC+ Is Winning The Economic War - Checkmate For The West

Saudi+Russia+China trying to push the oil price in order to ensure inflation are always on the high note and this will force US FED to maintain or higher the interest rate hike. This will also force many country to think again on hold USD. They will start talking about de-dollarization as dollar is very strong due to interest rate hike and other currency is weaker. So many country will start think about de-dollarization.

kesian aku tgk ko ni OKU. Hari-hari menanti. Penantian itu satu penyiksaan. huhuhu.

Tesla reports 422,875 deliveries for first quarter of 2023

The first quarter numbers represent a 36% increase in deliveries compared to the 310,048 reported during the same period a year earlier, and 4% growth in deliveries sequentially compared to the 405,278 they company reported in the last quarter of 2022.

https://www.cnbc.com/2023/04/02/tesla-tsla-q1-2023-vehicle-delivery-and-production-numbers.html

Malaysia secures RM170bil investments from China through 19 MOUs

https://www.thestar.com.my/news/nation/2023/04/01/m039sia-secures-investments-worth-rm170bil-from-china-through-19-mous

BEIJING: Malaysia has clinched a record RM170bil worth of investments from China with 19 memorandums of understanding signed on Saturday (April 1), says Datuk Seri Anwar Ibrahim.

The Prime Minister made the announcement at the close of the Malaysia-China Business Summit in Beijing.

He said among the highlights would be the development of an high-technology automotive valley in Tanjung Malim focusing on new energy vehicles.

Anwar said these deals are a huge boost to the Malaysia-China economic relationship.

He held a session earlier with about 50 Chinese captains of industry where he pitched Malaysia's advantages.

Anwar's maiden visit to China as Prime Minister was backed by a 200-member trade delegation from Malaysia.

They all waiting for EPF money ma. They will to throw anwar government for EPF. For Malay that is their money and they need it now. Whatever government said nothing will satisfy them. PN are cleaver taking that as their advantage.

IB even come with amazing low TP but also cannot work wooo. hahahahah.

hahah IB plan to press down the price even more mcm gagal jer. hahahah

Possible of EV car deal between Malaysia & China .

https://www.youtube.com/watch?v=T4BXQxnVeA0

Amazing result. Good Job Sapula. Dancing in the moon now. lalal alala lalal.

Good Job Sapula. Now regulation plan.

UMNO is now PH and Anwar vehicle to secure Malay vote as PH know in GE15 only 11% Malay vote for PH but UMNO getting 33% Malay vote. They need UMNO and its vote bank to survive in Putrajaya, Selangor & N9.

Zahid really now in control of UMNO. Only tiger now in the mountain of UMNO. He command his army. From bringing UMNO to lose badly in GE15 to now in full control of UMNO with huge power as PMX and PH desperate of getting Malay vote. Without UMNO Malay vote bank PH will possible lose N9 and Selangor. Penang will reduce majority. Anwar know this. That is why he go all out to destroy PN and now Malay have no choice again but to throw their support to UMNO and with this Anwar lifeline as PM in government will be secured.

TheContrarian who is the new shareholder ?

amazing. nobody waiting for the QR. Everyone waiting for the white knight. Yeeehaaa,

I hope they can push even lower. Only 3.5 sen ?

okay done Alhamdulillah.

The white knight start buying sikit sikit sikit. Maybe.

Anwar witnesses signing of MOUs between Malaysian and Saudi Arabian companies

https://www.theedgemarkets.com/node/660567

This is another way and their tactic to create racial tension. They know Malay community will get angry and retaliate. I think it's about time government take harsh and stern action against this people try to cause this racial tension.

But this actually very good for inflation as oil price going down. The effect is much on oil and gas counter like Hibiscus but for others like semiconductor and chip maybe good news because inflation will start cold down.

Hibiscus paling teruk kena

Credit Suisse sinks, fuelling US$60b rout in European banks. Oil Crash.

adeh too expensive

adeh too expensive

DatoKembara i thought only 2 interested parties. The other one is still 50:50. If confirm that one also okay than Sapura need to decide la.

worried about the effect of 2 us bank going bankrupt in 3 days

:-) hehehe enjoy the ride guys.

Maybe because of this long term agreement with Aramco also .

Sapura Energy to join Aramco's long-term agreement programme

https://www.nst.com.my/business/2018/11/435352/sapura-energy-join-aramcos-long-term-agreement-programme