AIM-listed Polo Resources Ltd.'s subsidiary Polo Investment Ltd. agreed to acquire 8.4 percent of the enlarged share capital of Malaysia's Hibiscus Petroleum Berhad, the latter said in company statement Wednesday.
Hibiscus will issue 90 million new ordinary shares of $0.0024 (MYR 0.01) each at $0.0553 (MYR 0.235) per share to Polo.
“We are truly excited by the opportunity to have Polo Resources as a strategic investor in the company. We look forward to working with Polo Resources as we build out our business plan into 2016 and beyond,” Hibiscus Petroleum’s Managing Director, Dr. Kenneth Pereira said.
Polo Resources, a globally focused natural resources and mine development investment company, has interests in oil and gas, coal, gold, iron ore, copper and phosphate. The firm selects, acquires and manages substantial investments in companies and projects with strong value enhancement potential and attractive growth prospects, and utilize this ability to deliver value-adding returns.
“Although the oil and gas industry is languishing in an environment of oversupply and low prices, Hibiscus Petroleum is on track to generate positive cash flow and grow its high quality asset base. We are very excited about the prospects of our investment in Hibiscus Petroleum,” Polo Resources Executive Chairman Michael Tang commented.
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