Polo Investments raises stake in Hibiscus via private placement

Polo Investments raises stake in Hibiscus via private placement
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KUALA LUMPUR (July 19): Polo Investments Ltd has acquired an additional 48.9 million shares in Hibiscus Petroleum Bhd, via a placement exercise.

According to a bourse filing today, Polo now has total interest of 138.9 million shares or a 10.202% stake in Hibiscus, following the placement of the shares on July 12.

With the additional stake in the group, Polo's associated companies Mettiz Capital Ltd and Polo Resources Ltd, as well as Mettiz Capital founder Datuk Michael Vee Mun Tang, emerged as substantial shareholders in the group, each with an indirect stake of 10.202%.

To recap, the issuance was the seventh and final tranche for the placement exercise of up to 326.94 million new shares in Hibiscus, proposed in September 2015.

The group targeted to raise proceeds of up to RM207.9 million via the exercise, to finance its ongoing projects, future developments and working capital.

Hibiscus closed unchanged at 20.5 sen, giving it a market capitalisation of RM279.12 million.