Skrine acted as lead transaction counsel for Reach Energy Berhad (“REB”), a company listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa”) in respect of the debt capitalization exercise between REB and Super Racer Limited (“SRL”), by way of issuance of new ordinary shares representing 48.5% of the enlarged share capital of REB for a total subscription price of USD49,562,125.54 which is satisfied by partially offsetting the existing debt owed by REB to SRL.
Following the exercise, SRL has emerged as a major shareholder of REB with 1.03 billion shares, or 48.5% of the enlarged issued share capital of REB.
The completion of the debt settlement also marked SRL’s entry into a shareholder loan facility agreement to make available a facility of up to US$5 million, or RM22.87 million, to REB.
The Skrine deal team was led by M&A Partner
Fariz Abdul Aziz, who was supported by Senior Associate
Tan Wei Xian, together with Associate
Amanda Hollow and Paralegals
Siti Sarah binti Iskandar, and L
ee Li Zhu.