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NewsHot Stock Hibiscus rises 4.17% on entry of new major shareholder
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Hot Stock Hibiscus rises 4.17% on entry of new major shareholder
by Cals Thu 03 Dec 2015, 23:21
- Hot Stock
[size=28]Hibiscus rises 4.17% on entry of new major shareholder
By Surin Murugiah / theedgemarkets.com | December 3, 2015 : 9:38 AM MYTKUALA LUMPUR (Dec 3): Shares of Hibiscus Petroleum Bhd ([You must be registered and logged in to see this image.] Valuation: 0.90, Fundamental: 1.55) rose 4.17% in early trade today after it announced that it had secured London Stock Exchange's AIM-listed Polo Resources Ltd as a new substantial shareholder, with an 8.4% stake.
At 9.18am, Hibiscus rose 1 sen to 25 sen with 7.26 million shares traded.
In a statement to Bursa Malaysia yesterday, Hibiscus said it had entered into a share placement agreement with Polo. Under the deal, Hibiscus issued 90 million new shares at 23.5 sen each to Polo, which invests in mining assets.
According to Hibiscus' statement, Polo invests in oil and gas, coal, gold, iron ore, copper and phosphate projects.
The 90 million Hibiscus shares placed out to Polo forms a portion of Hibiscus' private placement exercise.
Hibiscus had earlier proposed to place out up to 326.94 million new shares or 25% of its enlarged issued and paid-up share capital.
(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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