Showing posts with label HIBISCUS PETROLEUM. Show all posts
Showing posts with label HIBISCUS PETROLEUM. Show all posts
Sunday, September 22, 2013
About Hibiscus Petroleum, HIBISCS (5199)
Thursday, February 16, 2012
HIBISCUS PETROLEUM BERHAD - PRESS RELEASE
Hibiscus Petroleum’s Qualifying Acquisition Receives SC Approval
Kuala Lumpur, 16 February 2012: Hibiscus Petroleum Bhd (“Hibiscus Petroleum”), Malaysia’s first Special Purpose Acquisition Company (“SPAC”) today received the Securities Commission's approval for its qualifying acquisition.
In October last year, Hibiscus Petroleum announced that as its qualifying acquisition, the Company would be acquiring a 35% equity interest in Lime Petroleum Plc (“Lime”) for a total purchase consideration of USD55 million. Lime has majority interests in companies with concession rights in three offshore oil and gas exploration assets located in the United Arab Emirates and Oman.
Out of the total consideration, USD50 million will be injected into Lime to primarily fund Lime’s activities whilst the balance of USD5 million is for the purchase of existing shares in Lime.
Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said, "to complete the qualifying acquisition, we require specific approvals from the Securities Commission and our shareholders. Today, we are very pleased to announce that Hibiscus Petroleum has received the approval of the Securities Commission for the qualifying acquisition. In accordance with the SPAC guidelines, Hibiscus Petroleum will convene an Extraordinary General Meeting (“EGM”) to seek shareholders’ approval for the qualifying acquisition as soon as we receive clearance from the Securities Commission to issue the finalized version of the EGM circular.”
Dr Kenneth Pereira added, “This is a major milestone for the Company. We hope that the shareholders will also approve the Lime transaction so that the Company can look towards the future with more certainty.”
Since the announcement of the Lime transaction, Hibiscus Petroleum's shares and warrants prices have increased by 173% and 255%, respectively. The shares closed at RM 1.84 while the Company's warrants closed at RM 1.03 today.
Kuala Lumpur, 16 February 2012: Hibiscus Petroleum Bhd (“Hibiscus Petroleum”), Malaysia’s first Special Purpose Acquisition Company (“SPAC”) today received the Securities Commission's approval for its qualifying acquisition.
In October last year, Hibiscus Petroleum announced that as its qualifying acquisition, the Company would be acquiring a 35% equity interest in Lime Petroleum Plc (“Lime”) for a total purchase consideration of USD55 million. Lime has majority interests in companies with concession rights in three offshore oil and gas exploration assets located in the United Arab Emirates and Oman.
Out of the total consideration, USD50 million will be injected into Lime to primarily fund Lime’s activities whilst the balance of USD5 million is for the purchase of existing shares in Lime.
Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said, "to complete the qualifying acquisition, we require specific approvals from the Securities Commission and our shareholders. Today, we are very pleased to announce that Hibiscus Petroleum has received the approval of the Securities Commission for the qualifying acquisition. In accordance with the SPAC guidelines, Hibiscus Petroleum will convene an Extraordinary General Meeting (“EGM”) to seek shareholders’ approval for the qualifying acquisition as soon as we receive clearance from the Securities Commission to issue the finalized version of the EGM circular.”
Dr Kenneth Pereira added, “This is a major milestone for the Company. We hope that the shareholders will also approve the Lime transaction so that the Company can look towards the future with more certainty.”
Since the announcement of the Lime transaction, Hibiscus Petroleum's shares and warrants prices have increased by 173% and 255%, respectively. The shares closed at RM 1.84 while the Company's warrants closed at RM 1.03 today.
Tuesday, October 25, 2011
Hibiscus Petroleum buys 35% of Lime Petroleum for US$55m
KUALA LUMPUR: Hibiscus Petroleum Bhd (Hibiscus), has executed two agreements to acquire a 35% equity stake in Lime Petroleum Ltd for a total of US$55 million.
Hibiscus managing director Kenneth Pereira said on Tuesday, Oct 25 the deal comprises of a share subscription agreement and a share purchase agreement.
"Under the share subscription agreement, Hibiscus will subscribe for 76.9 million new shares or 27.2% equity stake in Lime Petroleum for a cash consideration of US$50 million. Hibiscus will also purchase a 7.8% equity stake in Lime Petroleum from the current major shareholder, Rex Oil and Gas Ltd, through a share purchase agreement, for a cash consideration of US$5 million.
Once both agreements are finalised, which are subject to approvals by Hibiscus' shareholders and the Securities Commission, the special purpose acquisition company will hold 35% equity stake in Lime Petroleum, according to Pereira.
He added that Hibiscus was expecting an additional concession to be included into Lime Petroleum, bringing the total concessions under this company to at least four by the end of this year.
Written by Kamarul Azhar of theedgemalaysia.com
Tuesday, 25 October 2011 11:52
For full details of the said transaction please click on HIBISCUS
Hibiscus managing director Kenneth Pereira said on Tuesday, Oct 25 the deal comprises of a share subscription agreement and a share purchase agreement.
"Under the share subscription agreement, Hibiscus will subscribe for 76.9 million new shares or 27.2% equity stake in Lime Petroleum for a cash consideration of US$50 million. Hibiscus will also purchase a 7.8% equity stake in Lime Petroleum from the current major shareholder, Rex Oil and Gas Ltd, through a share purchase agreement, for a cash consideration of US$5 million.
Once both agreements are finalised, which are subject to approvals by Hibiscus' shareholders and the Securities Commission, the special purpose acquisition company will hold 35% equity stake in Lime Petroleum, according to Pereira.
He added that Hibiscus was expecting an additional concession to be included into Lime Petroleum, bringing the total concessions under this company to at least four by the end of this year.
Written by Kamarul Azhar of theedgemalaysia.com
Tuesday, 25 October 2011 11:52
For full details of the said transaction please click on HIBISCUS
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