Reach Energy Bhd will be delisted from the official list of Bursa Malaysia Securities Bhd (Bursa Securities) on April 29, 2025 following the company’s decision not to appeal the delisting.
Bursa Securities said in a statement that it noted the company’s announcement dated April 24, 2025, confirming its decision not to submit an appeal.
“The securities of the company will be removed from the official List of Bursa Securities upon expiry of two market days from today, i.e. on April 29,” it said.
Reach Energy’s securities currently deposited with Bursa Malaysia Depository Sdn Bhd will be withdrawn by the company following the delisting.
However, Reach Energy will continue to update and maintain shareholders’ records in its register.
Upon delisting, the company will continue to operate as an unlisted entity.
It remains able to carry on its business, pursue corporate restructuring and potentially reward shareholders based on performance.
“However, shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” it said, adding that the interests and rights of shareholders remain safeguarded under the Companies Act 2016.
The group was the fourth SPAC that was listed on Bursa, after Hibiscus Petroleum Bhd (KL:HIBISCS), (listed in 2011), CLIQ Energy Bhd (April 2013) and Sona Petroleum Bhd (July 2013). After Reach Energy, Red Sena Bhd (KL:RSENA) made its market debut in December 2015.
Unlike Hibiscus, the other three have already been delisted — all due to failing to complete their mandate of acquiring a qualifying asset (QA) within the stipulated three years. Reach is set to be the fourth, even though it managed to fulfil its SPAC mandate for the QA, as it will be giving up its listing status next week.