Dateline 2010-10-25:
Hibiscus Petroleum Bhd, Malaysia’s first listed special-purpose acquisition company (SPAC), will acquire a 35 per cent equity in Lime Petroleum Plc (Lime) for US$55 million.
Its managing director, Dr Kenneth Pereira, said with the acquisition, Hibiscus is likely to enter the growth phase in the next financial year ending March 2013.
Under the proposed acquisition, Hibiscus’ role is to execute the work programme and manage the budget as well as activities for the current and future concessions of Lime, he told a press conference here today.
Pereira said the proposed acquisition comprised a share subscription agreement and a share purchase agreement, involving a 27.2 per cent stake in Lime for US$50 million and 7.8 per cent stake in Lime from Rex Oil and Gas Ltd for US$5 million.
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Wata - Malaysian Oil and Gas Engineer 