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OTHERS HIBISCUS PETROLEUM BERHAD ("Hibiscus Petroleum" or "Company") - Clarification In Relation to the Bloomberg News Article of 13 April 2022

HIBISCUS PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description
HIBISCUS PETROLEUM BERHAD ("Hibiscus Petroleum" or "Company")
- Clarification In Relation to the Bloomberg News Article of 13 April 2022

The Company notes that Bloomberg has published a news article entitled “Malaysia’s Hibiscus Explores Singapore SPAC Listing” on 13 April 2022.

 

Hibiscus Petroleum wishes to clarify that Bloomberg did contact the Company for comment on their proposed article on the morning of 13 April 2022.

 

In response, the Company provided the following statement to Bloomberg, which was only partially quoted by Bloomberg in their news article released yesterday evening. The complete written response by the Company reads as follows:

 

At Hibiscus Petroleum, we are always considering ways of enhancing shareholders' value whilst also positively positioning the company for a future in which the world will transition to a lower carbon emitting energy mix. As part of this long-term energy transition strategy,  we are looking at all forms of funding structures. No strategy has been definitely mapped or decisions made in this area.

 

We will continue to explore how we can play a meaningful role in the energy transition process and in the meantime, we will fortify the resilience of our portfolio of hydrocarbon assets and decarbonise, as far as practicable and viable, our upstream operations.

 

Our recent acquisition of the Repsol assets in Malaysia and Vietnam, which is expected to result in diversification of Hibiscus’ portfolio to circa 31% gas, is a step forward towards a more resilient portfolio. With regards to decarbonising our operations, FY2021 has witnessed significant improvement in terms of absolute as well as emissions intensity reduction (6% and 18% respectively) compared to our base year of FY2020.”

 

Subsequent to reviewing the published Bloomberg article, the Company further clarifies that:

  • The Company continuously explores innovative ideas and multiple strategic options that would enhance shareholder value;
  • No Board approvals have been sought to make any submission to any stock exchange for a SPAC listing;
  • No advisors or investment banks have been mandated or appointed by the Company to make any submission for a SPAC listing; and
  • In the event that the Company does elect to undertake any material corporate exercise, all internal approvals shall be obtained prior to the appropriate disclosure being released. In accordance with the Company’s rigorous diligence standards, the Board and Management shall only recommend any such exercise if deemed to be in the best interests of its shareholders.

 

This announcement is dated 14 April 2022.






Announcement Info

Company Name HIBISCUS PETROLEUM BERHAD
Stock Name HIBISCS
Date Announced 14 Apr 2022
Category General Announcement for PLC
Reference Number GA1-14042022-00005




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