Hibiscus Petroleum among top most active as group buys stake in North Sabah PSC
KOTA KINABALU: Malaysia’s first special purpose acquisition company (SPAC), Hibiscus Petroleum Bhd,was among the top most actively traded stocks yesterday following news of its agreement to acquire a 50 per cent stake in North Sabah from Sabah Shell Petroleum Co Ltd and Shell Sabah Selatan Sdn Bhd.
As at 3pm, more than 68.24 million shares exchanged hands yesterday.
This came as Hibiscus Petroleum is to acquire 50 per cent participating interests in the 2011 North Sabah Enhanced Oil Recovery production sharing contract from Sabah Shell Petroleum Company Ltd and Shell Sabah Selatan Sdn Bhd (Shell).
Hibiscus in a statement to Bursa said it had previously received Petronas Carigali Sdn Bhd’s (PCSB) unconditional consent under the joint operating agreement to the assignment of Shell’s 50 per cent interest in the 2011 North Sabah Enhanced Oil Recovery production sharing contract.
To note, SEA Hibiscus, Petronas, Shell and PCSB had on Dec 22 entered into a novation agreement for the assignment and transfer of Shell’s entire interest to SEA Hibiscus to continue production as well as the further development of the petroleum resources at the North Sabah fields upon the completion of the proposed acquisition.
The SPAC expects the acquisition to be completed by March 31, 2018.