Thursday 28 Mar 2024
By
main news image

This article first appeared in The Edge Financial Daily, on April 22, 2016.

 

KUALA LUMPUR: Hibiscus Petroleum Bhd has filed a statement of claim at Singapore’s high court against Rex International Holding Ltd (RIH) and its wholly-owned subsidiary, Rex International Investments Pte Ltd (RII), for losses suffered from Lime Petroleum Plc (Lime)’s interest.

Hibiscus told Bursa Malaysia yesterday that the claim was filed by its wholly-owned subsidiary, Gulf Hibiscus Limited (GHL). This move was followed by GHL’s claims against the directors and general manager of Lime Petroleum Norway AS on April 1.

The claims are based on conspiracy, wrongful interference, unjust enrichment and inducement of breach of contract, while the claims' estimated value needs to be assessed, it said.

“The company and its subsidiaries fully reserve all rights and will continue to act accordingly to safeguard their interests,” it emphasised.

Recall GHL had bought a 35% stake in Lime for US$55 million in 2012 as its maiden acquisition to become a full-fledged listed company from a special purpose acquisition company.

However, Lime had undergone a restructuring exercise, causing a dispute to occur between RII and Hibiscus.

Yesterday, Hibiscus rose one sen or 2.56% to 20 sen for a market capitalisation of RM232.22 million.

      Print
      Text Size
      Share