Highlight Hibiscus refutes oil field stake claim

by **Cals** Tue 08 Dec 2015, 22:49

Highlight

Hibiscus refutes oil field stake claim

By Sangeetha Amarthalingam / theedgemarkets.com | December 8, 2015 : 1:07 PM MYT

KUALA LUMPUR (Dec 8): Hibiscus Petroleum Bhd ([You must be registered and logged in to see this image.] Valuation: 0.90, Fundamental: 0.75) refuted Rex International Holding Ltd ( Valuation: 0.90, Fundamental: 0.60)'s claim that Hibiscus had not disclosed changes of Lime Petroleum Plc's (Lime Plc) stake in Masirah Oil Ltd.
Masirah has secured the rights for the Block 50 oil field in Oman.
According to Hibiscus's filing with Bursa Malaysia today, Hibiscus said Rex claimed the details were not disclosed in notes accompanying Hibiscus' results for the first quarter ended Sept 30, 2015.
Hibiscus said : “The RIH (Rex) announcement incorrectly claims that Hibiscus has not disclosed any changes to the interests of Lime Petroleum in MOL (Masirah) in the QR (quarterly report), and also states that Lime Plc’s interest in MOL has changed from 64% to 6.4%.
“Hisbiscus hereby reiterates the contents of Section 2 of Part C of its quarterly report, particularly the reference to Lime Petroleum’s interest in MOL being subject to confirmation,” Hibiscus said.
Rex and Hibiscus are major shareholders in Lime Plc, according to
Hibiscus' QR.
Rex via Rex Middle East Ltd owns 56.4% in Lime Plc while Hibiscus through Gulf Hibiscus Ltd holds a 35% stake. The remaining 8.6% in Lime Plc is held by Schroder & Co Banque S.A.
Today, Hibiscus said it regarded the latest purported share issue by Masirah on Nov 12 this year as "improperly carried out."
“In the circumstances, the group (Hibiscus) has fully reserved its rights and is (among others) seeking appropriate confirmation of the actual position,” Hibiscus said.
At 12:30pm, Hibiscus shares slipped 0.5 sen or 2% to 25 sen for a market capitalisation of RM267.5 million. The stock saw some 16 million shares done.
Hibiscus' share trade was suspended between 9am and 10am today.

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