LONDON (Alliance News) - Polo Resources Ltd on Tuesday said its subsidiary has increased its stake in Hibiscus Petroleum Bhd to just over 10% after having subscribed for 48.9 million shares at MYR0.18 per share.
Polo Resources said Polo Investments Ltd subscribed for the 48.9 million shares in Hibiscus, which is listed on the Main Market of Bursa Malaysia Securities Bhd, and is now the second largest shareholder in Hibiscus, behind the Hibiscus management team. The company did not say what stake Polo Investments held prior to the subscription.
Hibiscus is an independent oil and gas exploration and production company which jointly operates the Anasuria Cluster in the North Sea and holds around a USD208.0 million interest in the project, according to a revaluation by energy resources and environmental consultancy RPS Group PLC at March 1.
Shares in Polo were up 1.3% at 6.00 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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