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NewsHibiscus gets nod to buy 35pc Lime stake
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Hibiscus gets nod to buy 35pc Lime stake
by hlk Wed 21 Mar 2012, 22:49
Hibiscus Petroleum Bhd, Malaysia's first special-purpose acquisition company (SPAC), has received its shareholders' nod to acquire a 35 per cent stake in Lime Petroleum plc for US$55 million (US$1 = RM3.10).
Hibiscus Petroleum received 99 per cent approval, representing eligible voting share base of 334.4 million votes, at its extraordinary general meeting (EGM) here today.
Its chairman, Zainul Rahim Mohd Zain, said the company was encouraged by the strong shareholder support and this would allow it to unlock the value of the Lime acquisition by proceeding with drilling plans.
"Hopefully we will discover commercial quantities of oil and gas within the concession areas. Lime Petroleum owns three oil and gas concessions in two countries in the Middle East.
"The shareholder nod is the last mandatory condition required to complete this acquisition," he told reporters after the EGM here today.
Upon completion of the acquisition, Hibiscus Petroleum would be transformed from a SPAC to a fully operating oil and gas exploration and production company listed on the Main Market of Bursa Securities. - Bernama
Hibiscus Petroleum received 99 per cent approval, representing eligible voting share base of 334.4 million votes, at its extraordinary general meeting (EGM) here today.
Its chairman, Zainul Rahim Mohd Zain, said the company was encouraged by the strong shareholder support and this would allow it to unlock the value of the Lime acquisition by proceeding with drilling plans.
"Hopefully we will discover commercial quantities of oil and gas within the concession areas. Lime Petroleum owns three oil and gas concessions in two countries in the Middle East.
"The shareholder nod is the last mandatory condition required to complete this acquisition," he told reporters after the EGM here today.
Upon completion of the acquisition, Hibiscus Petroleum would be transformed from a SPAC to a fully operating oil and gas exploration and production company listed on the Main Market of Bursa Securities. - Bernama
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