Hibiscus Petroleum Sdn Bhd was incorporated in Malaysia under the Malaysian Companies Act as a private limited company on 5 December 2007. On 20 December 2010, the company converted into a public company under the name of Hibiscus Petroleum Berhad.
Subsequently, Hibiscus Petroleum was listed on the Main Market of Bursa Malaysia on 25 July 2011 as the first Special Purpose Acquisition Company ("SPAC") in South-East Asia, having raised RM234 million from its Initial Public Offering. The funds raised were 57% over the minimum RM150 million required to be raised by a SPAC under the Securities Commission Equity Guidelines (“Equity Guidelines”). At its Initial Public Offering ("IPO"), Hibiscus Petroleum shares recorded an oversubscription of 3.80 times by the retail market.
Pursuant to the completion of the Lime Petroleum Plc ("Lime") acquisition on 18 April 2012, Hibiscus Petroleum has transformed itself into a Malaysia’s first listed fully-fledged oil & gas exploration & production ("E&P") entity on the Main Market. Further details of the Lime deal which serves as Hibiscus Petroleum’s Qualifying Acquisition (as defined in the Equity Guidelines) can be found at the video link below.