Hibiscus: No approvals sought for SPAC listing

PETALING JAYA: Hibiscus Petroleum Bhd says no board approvals have been sought to make any submission to any stock exchange for the listing of a special purpose acquisition company (SPAC) in responding to reports that it was considering listing a blank cheque company in Singapore.

The oil and gas company also noted it has not mandated or appointed any advisor or investment bank to make any submission for a SPAC listing.

“In the event that the company does elect to undertake any material corporate exercise, all internal approvals shall be obtained prior to the appropriate disclosure being released,” Hibiscus said. “In accordance with the company’s rigorous diligence standards, the board and management shall only recommend any such exercise if deemed to be in the best interests of its shareholders,” it added.