KUALA LUMPUR (April 6): Hibiscus Petroleum Bhd (KL:HIBISCS) announced that Mettiz Capital Sdn Bhd has ceased to be a substantial shareholder, following disposals of shares.

In a filing with Bursa Malaysia on Monday, the oil and gas outfit said Mettiz Capital disposed of 1.12 million shares on April 2 and another 0.54 million shares on April 3, reducing its holdings to 35.27 million shares, which is below the 5% threshold required to be classified as a substantial shareholder.

The share disposals amount to an estimated RM3.71 million in value, based on each day’s closing price.

Mettiz Capital first emerged as a substantial shareholder in Hibiscus back in 2016, when the fund subscribed its private placement shares. Its exit marks a significant shift in the company’s shareholding landscape.

Mettiz Capital is founded by Datuk Michael Tang Vee Mun, who remains the largest shareholder of Hibiscus Petroleum via his indirect interest in Polo Investments Ltd and Mettiz, which collectively held a 12.32% stake in the company.

Ahead of the disposal of shares, Hibiscus Petroleum’s shares closed down by seven sen or 3.1% to RM2.17 on Monday. At its last price, the group is valued at RM1.6 billion.

It should be noted that in November last year, Hibiscus announced that it is in talks with three “reputable independent parties”, two of which are oil companies, for a potential long-term strategic investment in the group.

The potential exercise being explored includes a share and convertible securities deal in exchange for an injection of O&G-producing assets and cash.