KUALA LUMPUR (Feb 16): Hibiscus Petroleum Bhd has received the Securities Commission’s approval for its qualifying acquisition of a 35% stake in Lime Petroleum Plc for US$55 million.
Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said the company would hold an EG to seek shareholders’ approval as soon as it has received the SC’s clearance to issued the finalised version of the EGM circular.
To recap, in October 2011, the company announced its proposed acquisition of Lime which has majority interests in companies with concession rights in three offshore oil and gas exploration assets located in the UAE and Oman.
“Out of the total consideration, US$50 million will be injected into Lime to primarily fund Lime’s activities whilst the balance of US$5 million is for the purchase of existing shares in Lime,” it said.
Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said the company would hold an EG to seek shareholders’ approval as soon as it has received the SC’s clearance to issued the finalised version of the EGM circular.
To recap, in October 2011, the company announced its proposed acquisition of Lime which has majority interests in companies with concession rights in three offshore oil and gas exploration assets located in the UAE and Oman.
“Out of the total consideration, US$50 million will be injected into Lime to primarily fund Lime’s activities whilst the balance of US$5 million is for the purchase of existing shares in Lime,” it said.
