Hibiscus Petroleum Berhad (KLSE:HIBISCS) commences share repurchases on December 1, 2023, under the program mandated by the shareholders in the Extraordinary General Meeting held on December 1, 2022. As per the mandate, the company is authorized to repurchase up to 201,241,874 of its own shares, such that the company?s holding in treasury does not exceed 10% of its issued share capital. The shares will be purchased at a price which is not more that 15% above the weighted average market price of the company?s shares for the five market days immediately prior to the date of the purchase.

The repurchase program will be financed through internally generated funds and/or borrowings. The shares repurchased may be cancelled or retained as treasury shares for future re-sale or for distribution as dividends to the shareholders of the company or transfer for the purposes of employees' share scheme or the company may retain part thereof as treasury shares and subsequently cancelling the balance. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual general Meeting is required to be held or the date on which the authority is carried out to the full extent, unless varied or revoked in a General Meeting.

As of October 4, 2022, the company had 2,012,418,743 issued shares.