Hibiscus, Ho Hup take the limelight
KUALA LUMPUR: Hibiscus Petroleum Bhd and Ho Hup Construction Co Bhd seem to be getting more than their fair share of interest from the stock-buying public.
Hibiscus, which counts billionaires Tan Sri Quek Leng Chan and Tan Sri A.P. Arumugam as its shareholders, is seen to be slowly moving away from operating as a special purpose acquisition
Hibiscus was the country’s first SPAC to be listed on the stock exchange, but ironically some of its recent moves seem to suggest the company plans to aquire quantifiable assets to back up its resume.
This can be seen from its move to acquire Newfield Exploration Co’s oil and gas assets in Malaysia and China.
Newfield is the fourth largest oil producer in Malaysia and its assets are said to be worth some US$1.7 billion (RM5.4 billion).
By next month, Hibiscus should know if it is successful in making the purchase, but that has not stopped the market from speculating.
Hibiscus shares were 13 sen higher at RM2.06 a share on Friday.
Meanwhile, builder Ho Hup’s stock is rising on expectations of its role in “Pavilion 2”, and also because it has emerged as the unlikeliest takeover target.
Banters on the trading floor seem to suggest that the company’s main stakeholder, Formis Resources Bhd, will soon increase its shares in the property developer.
Formis owns 22.6 per cent in Ho Hup, and last month the company’s chief executive officer Datuk Larry Gan Nyap Liou said Formis is looking at the merits of turning Ho Hup into a
Last week, Ho Hup got a boost when creditors supported its debt restructuring plan.
As such, the company now only requires shareholders’ support before it can request from Bursa Malaysia for a Practice Note 17 upliftment.
Ho Hup shares now trade in the RM1.80 range, also helped by its rebound from eight years of losses.
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