From Business Times – Hibiscus Petroleum to only venture into E&P


Dateline 2011-06-30:

Hibiscus Petroleum Bhd will utilise its initial public offering (IPO) proceeds of between RM150 million and RM300 million to acquire stakes in one to three oil and gas exploration and production (E&P) companies.

“We intend to only venture into E&P opportunities, from low to moderate risk onshore opportunities and low risk shallow water offshore opportunities that have high upside potential,” said Managing Director Dr Kenneth Pereira after launching the company’s IPO prospectus here today.

Hibiscus Petroleum, the first special purpose acquisition company (SPAC) to be listed on Bursa Malaysia, is scheduled for listing on the Main Market on July 25.

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