Hibiscus’ plan to buy HEH falls through

KUALA LUMPUR: Hibiscus Petroleum Bhd’s plan to acquire Australia-based Hydra Energy Holdings Pty Ltd (HEH) has fallen through following the non-fulfilment of the conditions precedents before April 30.

The company told Bursa Malaysia that the conditions precedent included the parties agreeing and entering into a sale and purchase agreement, and the approval of HEH shareholders to proceed with the proposed acquisition.