Malaysia's Hibiscus Petroleum hires UBS, Maybank to advise on fundraising

KUALA LUMPUR, July 10 Thu Jul 10, 2014 6:22am EDT

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KUALA LUMPUR, July 10 (Reuters) - Malaysia's Hibiscus Petroleum Bhd, an oil and gas production company, has hired UBS AG and Maybank Investment Bank Bhd to explore fundraising opportunities locally and abroad.

The company is seeking funds to meet future expansion plans, it said in an announcement to the stock exchange on Thursday.

The announcement was made the same day that Hibiscus Petroleum called off plans for a private placement to raise 500 million ringgit ($157.2 million), which was first announced in Oct 2013 and had Hong Leong Investment Bank as an advisor.

Hibiscus Petroleum operates small to medium sized oil and gas fields in the Middle East, Norway, Southeast Asia and Oceania. ($1 = 3.1800 Malaysian Ringgits) (Reporting By Al-Zaquan Amer Hamzah; Editing By Miral Fahmy)

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