PETALING JAYA: Hibiscus Petroleum Bhd
’s managing director Kenneth Gerard Pereira intends to subscribe for a total of 33.5 million Islamic Convertible Redeemable Preference Shares (CRPS) in the second tranche of CRPS for RM33.5mil.
It said the CRPS-T2 is being issued at a conversion price of 48 sen per CRPS.
The second tranche of the CPRS is part of the multi-tranche exercise which was announced on Sept 9,2020.
The proposed subscription will be funded from the proceeds of a disposal of 60 million Hibiscus ordinary shares at 47.5 sen each by Hibiscus Upstream Sdn Bhd, a private company majority-owned by Kenneth as well as from other private financing taken by him.
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