KUALA LUMPUR (Dec 4): Reach Energy Holdings Sdn Bhd has ceased to be a substantial shareholder of Reach Energy Bhd after disposing of a 3.61% stake in the oil and gas services group via a direct business transaction.

The stake, comprising 76.93 million shares, was disposed of on Dec 1, according to a bourse filing on Tuesday. The identity of the buyer is not immediately known.

Following the disposal of the stake, Reach Energy Holdings, which was the second largest shareholder of Reach Energy, is left with 50.87 million shares or a 2.4% stake in the group.

Based on Bloomberg data, the largest shareholder of the group is Super Racer Ltd with 1.03 billion shares or a 48.5% stake.  Reach Energy chairman Tan Sri Azmil Khalili Khalid, meanwhile, owns 56.64 million shares or a 2.66% stake in the group.

Reach Energy was listed on Bursa Malaysia in August 2014.

Its shares finished 0.5 sen or 12.5% lower at 3.5 sen, giving the group a market capitalization of RM74.51 million.