,The filing to Bursa Malaysia said RM19.51mil from the proceeds from the shareholder’s loan facility is to be used as working capital, with RM2.5mil as the estimated expenses relating to the proposal.猎球者（www.99cx.vip）是一个开放皇冠体育网址代理APP下载、皇冠体育网址会员APP下载、皇冠体育网址线路APP下载、皇冠体育网址登录APP下载的官方平台。猎球者上足球分析专家数据更新最快。猎球者开放皇冠官方会员注册、皇冠官方代理开户等业务。
PETALING JAYA: Reach Energy Bhd has proposed to issue 1.03 billion new ordinary shares at an issue price of 20 sen per share to undertake a debt settlement exercise involving RM206.51mil owed to Super Racer Ltd (SRL).
At the same time, SRL and Cheung Siu Fai, acting in concert with SRL, intend to seek an exemption from the Securities Commission from the obligation to undertake a mandatory take-over offer for the remaining Reach Energy shares and the outstanding warrants issued by Reach Energy expiring on Aug 15, 2022 on the completion of the proposed debt settlement.
In a filing with Bursa Malaysia, Reach Energy said upon the completion of the proposed debt settlement, SRL will enter into a shareholder loan facility agreement, or procure that Cheung enters into a shareholder loan facility agreement (either by himself or jointly with SRL), to make available a shareholder’s loan facility of up to RM22.01mil to Reach Energy.
The filing said RM19.51mil from the proceeds from the shareholder’s loan facility is to be used as working capital, with RM2.5mil as the estimated expenses relating to the proposal.
“The proposed debt settlement is expected to substantially reduce Reach Energy’s interest servicing obligation, and subsequently, to alleviate the financial burden of the group,” the filing said, adding that the proposals are expected to be completed by the second half of 2022.
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