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Hibiscus Petroleum Berhad Updates On Subscription Of Shares In Hirex Petroleum Sdn Bhd By Orient Hibiscus Sdn Bhd And Rex South East Asia Ltd

Monday, 13 May 2013 05:22am EDT 

Hibiscus Petroleum Berhad announced that Orient Hibiscus, a wholly-owned subsidiary of Hibiscus Petroleum, had on 13 May 2013 subscribed for 39,998 ordinary shares of MYR1.00 each in HiRex, for a total cash consideration of MYR39,998.00 (the Subscription). With this subscription, Orient Hibiscus holds 40,000 ordinary shares, representing 50% of the issued and paid-up capital in HiRex, pursuant to the earlier 2 ordinary shares held by Orient Hibiscus due to its acquisition of HiRex in February 2013. At the same time, Rex has also subscribed for 40,000 ordinary shares of MYR1.00 each in HiRex, for a total cash consideration of MYR40,000.00, in accordance with the terms of the Shareholders’ Agreement executed on March 21, 2013. With the subscription of shares by both Orient Hibiscus and Rex, HiRex’s paid up capital has increased to MYR80,000.00 divided into 80,000 ordinary shares of MYR1.00 each. Consequent thereto, HiRex has become a jointly-controlled company of both Orient Hibiscus and Rex. Orient Hibiscus was incorporated in Malaysia with an authorised capital of MYR100,000.00 divided into 100,000 ordinary shares of MYR1.00 each and paid-up capital of MYR2.00 divided into 2 ordinary shares of MYR1.00 each. 

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0.015 +1.78%
26 Dec 2014