Pereira:
KUALA LUMPUR: Polo Resources Ltd is taking a block of 90 million new shares in Hibiscus Petroleum Bhd
at 23.5 sen each.
Hibiscus Petroleum, which is an oil and gas exploration special purpose acquisition company, told Bursa Malaysia on Wednesday that the block of shares to be placed out to Polo Resources would be 8.4% of its paid-up.
Polo Resources is a natural resources and mine development investment company listed on the AIM of the London Stock Exchange.
The acquisition of the shares would be through Polo Resources’ subsidiary Polo Investments Ltd.
According to Hibiscus Petroleum, Polo Resources selects, acquires and manages substantial investments in companies and projects with strong value enhancement potential and attractive growth prospects, and utilise this ability to deliver value-adding returns.
Polo Resources executive chairman Datuk Michael Tang said, “Although the oil and gas industry is languishing in an environment of oversupply and low prices, Hibiscus Petroleum is on track to generate positive cash flow and grow its high quality asset base. We are very excited about the prospects of our investment in Hibiscus Petroleum.”
Hibiscus Petroleum’s managing director Dr Kenneth Pereira said the company was excited by the opportunity to have Polo Resources as a strategic investor in the company.
“We look forward to working with Polo Resources as we build out our business plan into 2016 and beyond,” he said.
At midday, its share price was down 0.5 sen to 24 sen.
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