Hibiscus in capital reduction plan

KUALA LUMPUR: Hibiscus Petroleum Bhd has proposed a capital reduction involving a reduction of RM800mil of its issued share capital as well as a share buyback of up to 10% of its issued shares.

The oil and gas production and exploration firm said the capital reduction would eliminate the company’s accumulated losses and hence enable it to have a retained earnings balance to facilitate the proposed buyback. — Bernama