REACH (5256): Financial Annual Reports

moving...

2024-06-10 17:17

raymondroy

my former boss was the former CEO of the company before the Chinese investor took over. Unfortunately, the oil fields and investments are situated in one of the most corrupted (but developing) region of the world.... if you dont pay pay pay your way business will stop.... or if you pay wrong ppl even worse. Today their partner in this land locked nation is the government, and same time they are also suing the same government for claim of unpaid taxes..... haish until when this continuous bleeding will go on..... :-) peace & happy hunting

2024-06-10 17:23

aiyooo.. auditor didn't find that ka? i understand the clean auditors report issued ma..

2024-06-12 13:01

@raymondroy I wonder your former boss who was the former CEO of the company before the Chinese investor took over didn't do due diligence before buying?

2024-06-12 13:03

So, what is the take on this stock ? Caught my attention recently. Near all time high, I notice.
I guess using chinese management to improve project in Kazakhstan is not always working out. Still lossess are adding up.
What is the case to buy it ?

2024-06-20 09:16

Where is the contrarian when you need one ?

2024-06-20 09:18

The Chinese owns the Kazakhstan oil concession directly 40% while Reach Energy owns the balance 60%. The oil is plentiful there but the problem is extracting the oil. Huge impairment has already been made to write down the cost of plant and equipment. Now we need to wait for the turnaround or disposal of the whole concession.

2024-06-20 09:46

Many thanks. Word of reason.

2024-06-20 10:14

Good to hear from you TheContrarian! Been a while!!

2024-06-20 13:42

Yes, agreed with you Robert Waters! Word of reason. Very insightful.

2024-06-20 13:43

Why was Ordinary Resolution 6 appointment of PwC was withdrawn?

2024-07-01 10:50

Auditors tendered resignation.

2024-07-01 10:53

Any thoughts @TheContrarian?

2024-07-03 11:17

slumdoge

Reach to the Sky?

2024-07-12 16:36

chimchim

As bottom as the driller can go lol

2 months ago

The Board of Directors of REB wishes to announce that Crowe Malaysia PLT (LLP0018817-LCA) & AF1018, having given their consent to act as external auditors of the Company for the financial year ending 31 December 2024, be appointed as external auditors of the Company on 23 July 2024 and shall hold office until the conclusion of the next Annual General Meeting of the Company.

This announcement is dated 23 July 2024.

2 months ago

pvd_investor

Are there any updates? Is it worth holding on to this share?

2 weeks ago

hongkie majority shareholder paid 20 sen per share... think they are coming up with turn around plan to exit PN17 no?

2 weeks ago

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3492846

REACH ENERGY BERHAD ("REB" OR THE "COMPANY")

APPLICATION FOR AN EXTENSION OF TIME TO SUBMIT A REGULARISATION PLAN TO THE RELEVANT AUTHORITIES TO REGULARISE THE FINANCIAL CONDITION OF REB PURSUANT TO PRACTICE NOTE 17 OF THE MAIN MARKET LISTING REQUIREMENRS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("LISTING REQUIREMENTS")
(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcements dated 3 April 2023 and 4 April 2023 in relation to the classification of the Company as an affected listed issuer under PN17, where applicable, unless stated otherwise or defined herein)

Reference is made to the announcement dated 18 September 2024 in relation to the application to Bursa Securities for an extension of time up to 2 April 2025 for the Company to submit a regularisation plan to the relevant authorities.

On behalf of the Board of Directors of REB, TA Securities Holdings Berhad wishes to announce that Bursa Securities had vide its letter dated 18 October 2024 resolved to grant the Company a further extension of time of 6 months up to 2 April 2025 to submit its regularisation plan to the relevant regulatory authorities for approval.

The extension of time is without prejudice to Bursa Securities’ right to proceed to suspend the trading of the listed securities of the Company and to de-list the Company in the event:

(i) the Company fails to submit its regularisation plan to the relevant regulatory authorities on or before 2 April 2025;

(ii) the Company fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; or

(iii) the Company fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities.

Upon occurrence of any of the events set out in (i) to (iii) above, Bursa Securities shall suspend the trading of the listed securities of the Company on the 6th market day after the date of notification of suspension by Bursa Securities and de-list the Company, subject to the Company's right to appeal against the delisting.

This announcement is dated 21 October 2024.

1 week ago

This is a standard (boilerplate) anouncement about PN17 extension. I think they allow to extend 2 times without problems. Then they delay approvals, shorten extenstion to 3 months, etc. So far we are good.

1 week ago

Usually pump and dump con men infest the forum and spread news that exit of PN17 is imminent (eg. because earnings improved). As long as it is peaceful here, we are good to buy and accummulate. No problem that price is down a bit.

1 week ago

I think the controlling shareholder's main goal is to sell off the oil concessions and carry out a capital repayment/delisting. He is after all a foreigner and the concessions are in Kazakhstan, there's no reason to have Reach listed in Malaysia.

1 week ago

You may be right. I remember the oil in the ground was valued at 900 mln RM. Of course, cost of extraction is high (capex), but still, the valuation of the stock market cap is only 50 mln. He should make money. So we do NOT need to worry about PN17 when that is the case. I worry about the guys who will come here and mess with the loyal shareholders, like newbie or me to get us out too soon.

1 week ago

I think if the controlling shareholder can't find a buyer for the Kazakhstan oil concessions within 6 months he would probably offer to take over Reach.

1 week ago