Hibiscus Petroleum unit inks US$100mil financing with Bank Islam Brunei Darussalam and Baiduri Bank

KUALA LUMPUR: Hibiscus Petroleum Bhd via its wholly-owned subsidiary, Simpor Hibiscus Sdn Bhd, has entered into a long-term US$100mil syndicated Islamic financing facilities agreement with Bank Islam Brunei Darussalam and Baiduri Bank in Brunei.

Simpor Hibiscus is the holding company of Hibiscus EP (Brunei) BV.

According to the company, the facilities affirm its long-term commitment to Brunei's energy sector and its support for national priorities under Wawasan Brunei 2035.

“This is not just a formal agreement; it is an expression of our belief that we see a long-term future in Brunei.

"This signing ceremony marks a pivotal moment in our collective efforts to foster economic growth, enhance local value, and contribute to the sustainable development of Brunei Darussalam. We look forward to deepening our relationship with BIBD and Baiduri as we grow in Brunei and beyond," said Hibiscus Petroleum chairman Zainul Rahim in a statement.

In light of the announcement, trading in the securities of Hibiscus Petroleum were halted from 9am to 10am today. Shares in the company were lated traded at RM1.46 apiece yesterday.