Malaysian oil explorer Hibiscus said to eye $200m Singapore Spac listing

KUALA LUMPUR (BLOOMBERG) – Hibiscus Petroleum is contemplating listing a particular goal acquisition firm (Spac) in Singapore that might increase as a lot as $200 million, in accordance to individuals accustomed to the matter.

The Malaysian unbiased oil and gasoline explorer has held talks with potential advisers on the potential Spac preliminary public providing (IPO), said the individuals, who requested not to be recognized as the data is confidential.

The blank-cheque firm, which may increase $150 million to $200 million, will search for acquisition targets within the renewable power sector, the individuals said.

Discussions are at an early stage and the Kuala Lumpur-based firm may determine not to proceed with the plan, the individuals said.

“As part of this long-term energy transition strategy, we are looking at all forms of funding structures,” a consultant for Hibiscus said in response to Bloomberg News queries, including that no resolution has been made. The firm declined to touch upon a Spac listing plan.

Shares in Hibiscus rose as a lot as 2.4 per cent in early Thursday (April 14) buying and selling in Kuala Lumpur, giving the corporate a valuation of about US$605 million (S$819 million).

Singapore’s IPO market has been dominated by Spac listings this 12 months. Blank-cheque firms raised about US$316 million by means of first-time share gross sales on the Singapore Exchange, accounting for 95 per cent of all of the funds raised through IPOs, in accordance to knowledge compiled by Bloomberg.

Hibiscus itself was the primary Spac to be listed on the Malaysian bourse in July 2011. It grew to become an oil and gasoline exploration agency a 12 months later after buying a 35 per cent stake in Lime Petroleum, whose belongings included concessions within the Middle East.

The firm has since grown its portfolio to embody power belongings in Australia, Malaysia, Britain and Vietnam, in accordance to its web site.

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