Hibiscus Petroleum Raises MYR 203.6 Million from Islamic CRPS Issue, Eyes Oil and Gas Assets

Malaysia’s listed independent oil and gas exploration and production company, Hibiscus Petroleum, has raised MYR 203.6 million through the issuance of 203.6 million Islamic convertible redeemable preference shares (CRPS) through a private placement exercise, according to local media reports.

The MYR 203.6 million issuance is reported to be the largest CRPS issuance in 2020, and received interest from domestic investors and high net-worth individuals. Proceeds of the issuance will be used by Hibiscus Petroleum towards the acquisition of interests in producing upstream oil and gas assets in the Southeast Asia region over the next six months. Local media reported that the company is in the process of issuing Islamic...