The ramping up of global economic activity has improved the outlook of the oil and gas sector hence group is accelerating its asset acquisition plans. – Hibiscus Petroleum WebsiteHibiscus Petroleum Bhd aims to raise up to RM2 billion from a proposed private placement of convertible redeemable preference shares to acquire oil and gas assets.
Hibiscus managing director Kenneth Pereira said the quantum of new capital that the group is attempting to raise is more than double its current market capitalisation and is nearly three times the aggregate amount raised through equity instruments since its inception. The group stated that it will prioritise assets with strong production potential coupled with cost optimisation opportunities and remains committed to growing its business in its areas of geographic focus, particularly Southeast Asia.
“Such acquisitions, if they materialise, would likely contribute positively to its earnings potential in the near future,” it said.
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