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Hibiscus: Major shareholder did not sell shares

The Star·03/04/2025 23:00:00
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PETALING JAYA: Hibiscus Petroleum Bhd denied that its major shareholder Datuk Michael Tan Vee Mun has disposed of his shares in the company, as claimed in several “online postings”.

“The company has been notified by Tan on March 3, 2025 that the postings relating to the purported disposal of his shares are incorrect and that no shares were sold,” Hibiscus said in a filing with Bursa Malaysia yesterday.

Based on the latest shareholding of Tan, he directly owns a stake of 0.59% in the upstream oil and gas player.

He also has an indirect equity interest of 11.88% in Hibiscus via his private vehicles, Polo Investments Limited and Mettiz Capital Sdn Bhd.