Hibiscus – the story of a successful SPAC

Dateline 2018-02-24, The Star:

THE story of Hibiscus Petroleum Bhd’s growth is an interesting one, considering its funding needs have virtually all come from private investors. The debt-free independent exploration and production company has achieved a few notable milestones.

Not only has it survived making expensive acquisitions before the oil price crash (when it lived as a special-purpose acquisition company or SPAC), it also went through the oil crash and has come out smiling, by being cashflow positive.

No doubt, there have been investors who lost money along the Hibiscus journey, but there have been a number of investors who have rode its recovery well and are sitting pretty.


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