Hibiscus signs RM554mil term loan, revolving credit deal

Hibiscus says the funds will be used primarily to drive the group’s organic growth plans for its current producing and development assets, as well as for working capital.

PETALING JAYA: Hibiscus Petroleum Bhd, via its direct wholly-owned subsidiary Asia Hibiscus Sdn Bhd, has entered into its maiden long-term debt facility agreement for a total of US$120mil (RM553.7mil).

The deal was signed yesterday with four banks – HSBC Bank Malaysia Bhd, Bank of China Malaysia Bhd, Industrial and Commercial Bank of China (M) Bhd and Standard Chartered Bank Malaysia Bhd.