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Bloomberg
Hibiscus Petroleum Bhd is considering listing a special purpose acquisition company in Singapore that could raise as much as S$200 million ($147 million), according to people familiar with the matter.
The Malaysian independent oil and gas explorer has held talks with potential advisers on the potential Spac initial public offering, said the people, who asked not to be identified as the information is confidential.
The blank-check company, which could raise S$150 million to S$200 million, will look for acquisition targets in the renewable energy sector, the people said.
Discussions are at an early stage and the Kuala Lumpur-based company could decide not to proceed with the plan, the people said.
Singapore’s IPO market has been dominated by Spac listings this year.