Malaysia Company Hibiscus Petroleum Bhd falls in listing debut

At 9:05am, the stock dropped 18.5 sen to 56.6 sen.


Hibiscus Petroleum Bhd, a Malaysian company yet to have an income-generating business, fell 25 per cent in its debut on the Kuala Lumpur stock exchange.

The company which was specifically set up to undertake an initial public offering to raise funds for potential acquisitions of oil and gas companies, sold shares at 75 sen each in its IPO, according to its prospectus. 

( Bloomberg )