Hibiscus set to bloom by raising RM2bil

Commenting on the proposed private placement exercise, Hibiscus managing director Kenneth Pereira (pic) said he was excited about the group’s future opportunities.

PETALING JAYA: Hibiscus Petroleum Bhd is looking to raise up to RM2bil – more than double its current market capitalisation – from a proposed private placement of convertible redeemable preference shares (CRPS) to acquire good-value, high-quality producing oil and gas assets.

In a statement yesterday, the oil and gas exploration and production company said it views the proposed private placement exercise, involving up to two billion new CRPS at an issue price of RM1, as the most appropriate mechanism for fund raising, so as to optimise the chances of acquiring attractive assets in a timely manner.