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NewsHibiscus Petroleum unit gets US$10m investment
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Hibiscus Petroleum unit gets US$10m investment
by Cals Tue 18 Jun 2013, 17:33
Published: Tuesday June 18, 2013 MYT 4:35:00 PM
Hibiscus Petroleum unit gets US$10m investment
By Nadya Ngui
KUALA LUMPUR: Hibiscus Petroleum Bhd had received a US$10mil investment from Panama-based oil company Triax Ventures Corp for a 15% stake in its JV company Hirex Petroleum Sdn Bhd.
In a Bursa Malaysia statement on Tuesday, Hibiscus Petroleum said Triax would subscribe for 14,635 Hirex shares at US$683 (RM2,118) per share.
To recap, Hibiscus Petroleum's unit, Orient Hibiscus Sdn Bhd had tied up with Rex Southeast Asia Ltd to form a 50:50 joint venture company, Hirex Petroleum.
Hirex would pursue investments in exploration assets in 11 countries within the Asia-Pacific region.
The countries are Malaysia, New Zealand, the Philippines, Vietnam, Australia, Thailand, Brunei, Papua New Guinea, Indonesia, Myanmar and Cambodia, and offshore areas associated with these countries
With the subscription, it said Hirex would have the funds to pay the annual licence fee for the utilisation of Rex Technology, without further injection of capital by Orient Hibiscus and Rex over the medium term.
"The subscription is expected to provide Hirex with sufficient working capital to fund its other operational costs for the next two years," it said.
Hibiscus Petroleum unit gets US$10m investment
By Nadya Ngui
KUALA LUMPUR: Hibiscus Petroleum Bhd had received a US$10mil investment from Panama-based oil company Triax Ventures Corp for a 15% stake in its JV company Hirex Petroleum Sdn Bhd.
In a Bursa Malaysia statement on Tuesday, Hibiscus Petroleum said Triax would subscribe for 14,635 Hirex shares at US$683 (RM2,118) per share.
To recap, Hibiscus Petroleum's unit, Orient Hibiscus Sdn Bhd had tied up with Rex Southeast Asia Ltd to form a 50:50 joint venture company, Hirex Petroleum.
Hirex would pursue investments in exploration assets in 11 countries within the Asia-Pacific region.
The countries are Malaysia, New Zealand, the Philippines, Vietnam, Australia, Thailand, Brunei, Papua New Guinea, Indonesia, Myanmar and Cambodia, and offshore areas associated with these countries
With the subscription, it said Hirex would have the funds to pay the annual licence fee for the utilisation of Rex Technology, without further injection of capital by Orient Hibiscus and Rex over the medium term.
"The subscription is expected to provide Hirex with sufficient working capital to fund its other operational costs for the next two years," it said.
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