Spac ipo

- A + A KUALA LUMPUR (June 30): Reach Energy Bhd (REB) will issue 1.03 billion new shares at an issue price of 20 sen apiece to offset debt owing to Super Racer Ltd (SRL) amounting to US$49.56 million (or RM206.51 million). Following the exercise, SRL will be the largest shareholder of the group, with a stake of 48.5%. SRL intends to seek exemption from taking a mandatory takeover offer of REB’s remaining shares and outstanding warrants, the latter said. The issuance of the 1.03 billion shares will nearly double REB’s existing share capital of 1.1 billion shares, and would bring its enlarged share capital to 2.13 billion shares. The exercise will also dilute the REB stake held by Reach Energy managing director Shahul Hamid Mohd Ismail via Reach Energy Holdings Sdn Bhd to 6%, from 11.66%. Meanwhile, MTD Capital Bhd’s stake in the company will be diluted to 5.38%, from 10.45%. SRL is wholly owned by Hong Kong citizen Cheung Siu Fai, a former head of Asia Pacific of … [Read more...] about Reach Energy to see emergence of 48.5% shareholder on US$49 mil debt-to-equity exercise

- A + A (June 30): It was an unusually frigid December weekend when Cheng Wei summoned his inner circle to his Beijing office. The founder of Didi Global Inc, dressed entirely in black, told his lieutenants to slash spending by a fifth in 2022 and begin layoffs after staff return from Lunar New Year vacations. He delivered his bombshell flanked by a giant Powerpoint slide that read: “Don’t live with illusions. Face reality.” “We had a tough year,” said the reserved billionaire known as Will, who that day seemed even gloomier than normal, according to people briefed on the gathering. “But next year will be even tougher.” That sombre gathering encapsulated what many in the room already suspected — the ride-hailing champion once feted for running Uber Technologies Inc out of China was no more. In its place was a defeated shell worth a fifth of its value at the peak, bleeding users, blocked from raising funds for cherished projects — and whose executives were constantly … [Read more...] about Inside Didi’s US$60b crash that changed China tech forever

- A + A KUALA LUMPUR (June 30): Bursa Malaysia erased gains made earlier on Thursday (June 30) to end at its intraday low following heavy selling in the last 10 minutes of trading, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 0.5%, or 7.26 points, to finish at 1,444.22 from Wednesday's close of 1,451.48. The benchmark index, which opened 4.02 points better at 1,455.5, moved between 1,444.22 and 1,460.3 throughout the day. Overall market breadth was negative with losers outpacing gainers 520 to 327, while 396 counters were unchanged, 1,039 untraded, and 65 others suspended. Total turnover narrowed to 2.26 billion units worth RM1.97 billion from 2.37 billion units valued at RM1.77 billion on Wednesday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regionally, key indices also finished broadly lower following negative cues from Wall Street overnight. The Nikkei 225 in Tokyo declined after Japan’s May … [Read more...] about Bursa ends at day’s low on heavy last-minute selling