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Stocks on Bursa Malaysia finished on a firmer note yesterday on gains in selected blue chips on the back of positive market sentiments globally. Asian markets rose after players took new positions following the decision by European policymakers to contain the Euro-zone debt crisis and the private sector investors agreed to take a 50 per cent "haircut" in Greek bonds. The FBM KLCI rose 13.13 points or 0.9% to end at 1,470.93, after opening 3.75 points higher at 1,461.55. Gainers led losers by 689 to 165 while 195 counters were unchanged. Turnover advanced to 1.877 billion worth RM2.413 billion from 950.64 million worth RM1.075 billion Tuesday. 

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Stocks on Bursa Malaysia closed mixed on Tuesday with the benchmark index recouping its earlier losses as key index link counters staged a late rebound in line with the mixed trading on regional bourses. However, players are cautious ahead of Wednesday’s meeting by European policymakers to resolve the Euro-zone debt crisis. The FBM KLCI rose 7.78 points, or 0.54%, to close at 1,457.80, after opening 3.44 points better at 1,453.46. Decliners led gainers by 373 to 299 while 289 counters were unchanged. Turnover declined to 950.64 million worth RM1.075 billion from Monday’s 1.238 billion shares worth RM1.3 billion. Bursa Malaysia was closed yesterday for Deepavali celebration. 

KUALA LUMPUR: Hibiscus Petroleum Bhd (Hibiscus), has executed two agreements to acquire a 35% equity stake in Lime Petroleum Ltd for a total of US$55 million.


Hibiscus managing director Kenneth Pereira said on Tuesday, Oct 25 the deal comprises of a share subscription agreement and a share purchase agreement.


"Under the share subscription agreement, Hibiscus will subscribe for 76.9 million new shares or 27.2% equity stake in Lime Petroleum for a cash consideration of US$50 million.

Hibiscus will also purchase a 7.8% equity stake in Lime Petroleum from the current major shareholder, Rex Oil and Gas Ltd, through a share purchase agreement, for a cash consideration of US$5 million.


Once both agreements are finalised, which are subject to approvals by Hibiscus' shareholders and the Securities Commission, the special purpose acquisition company will hold 35% equity stake in Lime Petroleum, according to Pereira.


He added that Hibiscus was expecting an additional concession to be included into Lime Petroleum, bringing the total concessions under this company to at least four by the end of this year.


Written by Kamarul Azhar of theedgemalaysia.com Tuesday, 25 October 2011 11:52 

For full details of the said transaction please click on HIBISCUS

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Stocks on Bursa Malaysia closed higher yesterday in line with firmer regional markets. The rise in the local and other bourses in Asia was driven by New York's strong gains last Friday coupled with optimism of a solution to the Euro-zone debt crisis and a possible roll-out of the third quantitative easing. Gains in blue chips like Genting, Axiata, Maxis and Tenaga Nasional lifted the market significantly. The FBM KLCI rose 11.19 points or 0.78% to end at 1,450.02 after opening 11 points better at 1,449.83. Gainers led losers by 556 to 203 while 254 counters were flat. Turnover declined to 1.238 billion shares worth RM1.3 billion from 1.253 billion shares worth RM1.095 billion last Friday. 

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Stocks on Bursa Malaysia ended yesterday on a softer note as weaker sentiment globally eased investors' confidence, resulting in selling across the board. The FBM KLCI, which opened 5.07 points lower at 1,445.18, fell as low as 1,429.38 and closed 9.07 points or 0.63% lower at 1,441.18. Losers outnumbered gainers by 500 to 232 while 226 counters were unchanged. Total market volume dwindled to 1.309 billion shares worth RM1.155 billion from Wednesday’s close of 1.691 billion shares worth RM1.212 billion.