Wednesday, June 22, 2011

Hibiscus ? Sedap tak, anyone ?

Hibiscus Petroleum Bhd plans to raise between RM150 million and RM300 million under its proposed listing exercise on the Main Market of Bursa Malaysia.

The special purpose acquisition company said on Tuesday, June 21, it had received the approval from the Securities Commission and Bursa Malaysia Securities.

The listing exercise involves the public issue of new shares through placements to selected investors and applications by the public.

The public issue will be on the basis of one Warrant-A for every one share subscribed at an issue price of 75 sen per share. It plans to place out between 190 million and 390 million new shares with 190 million to 390 million warrants-A to selected investors.

For the public, it will issue 10 million new shares with 10 million warrants-A.

Hibiscus Petroleum is the first SPAC to be listed on Bursa Malaysia as it does not have any operations or income generating business at the point of initial public offer.

The IPO is to raise funds to acquire operating companies, businesses or assets, known as qualifying acquisitions. Upon listing, Hibiscus Petroleum will acquire the businesses or assets to be a junior independent oil and gas exploration and production (E&P) player in the near to medium term.

Hibiscus Petroleum said it would initially target low to moderate risk E&p opportunities that have high potential in the South Asia, Middle-East, East Asia and Oceania regions.

No generate income and no have any operation also can IPO in bursa.
Just add the words "PETROLEUM" behind it's company name, HUAT ah, ONG ah.

So ....
i guess
banana petroleum, durian pertoluem, rambutan pertoleum will listed july, aug, sept .

Malaysia BOLEH !!!

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