CORP BRIEF: Hibiscus, L&G, SCIB and Cargill

by TMR / pic credit: Hibiscus Petroleum

Hibiscus extends prepayment agreement up to RM332m

HIBISCUS Petroleum Bhd’s indirect wholly owned subsidiary, SEA Hibiscus Sdn Bhd, has executed the amendment and restatement agreement with Trafigura Pte Ltd on the prepayment agreement of up to US$80 million (RM332 million), which originally dated on Oct 8, 2018. In a filing yesterday, it stated that the amount provided to SEA Hibiscus is to fund general working capital requirements, capital expenditure and general corporate purposes, as well as fees, costs and expenses incurred in respect of the prepayment facility. Meanwhile, the agreement effectively extends the existing Trafigura’s prepayment facility to Dec 31, 2023.

L&G’s unit removed from Australian exchange

VIETNAM Industrial Investments Ltd (VII), which Land & General Bhd (L&G) own a 9.14% equity interest in, was removed from the Australian Securities Exchange’s (ASX) official list on Oct 29 pursuant to ASX’s Listing Rules 17.12. According to the rules, ASX may at any time remove an entity from the official list if the entity is unable or unwilling to comply with or breaks a listing rule, has no quoted securities and it is appropriate for some other reason. In a local bourse yesterday, L&G said it is still assessing the fair value for its investments in VII given that VII’s latest publicly available financial statement for the half-year ended June 30, 2020, was issued with a disclaimer of opinion by its auditors.

SCIB reassures stakeholders it is operating as usual

SARAWAK Consolidated Industries Bhd (SCIB) is operating as usual despite the suspension in the trading of its shares by Bursa Malaysia from today due to failure to submit its annual report. The trading suspension pertains to Bursa rejecting an appeal by SCIB made on Oct 8, 2021, for an extension of time until Dec 31, 2021, for the company to release its annual report for the financial year ended June 30, 2021, which was due on Oct 31, 2021.

Cargill starts its specialty fats plant construction in M’sia

US GLOBAL food corporation, Cargill Inc, has started the construction of its RM145 million specialty fats plant in Port Klang. In a statement yesterday, the company said it will install dry palm fractionation capacity, enabling the production of a range of specialty fats for use in chocolates, coatings, fillings and compounds, spreads, bakery fats and other applications. It will also further upgrade its Malaysia edible oils research and development centre, enhancing lab equipment and pilot plants to align with the Port Klang facility’s new specialty fat capabilities. The expansion is expected to be completed in late 2023. — Bernama

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