Hibiscus Petroleum Berhad (KLSE:HIBISCS) commences share repurchases on December 18, 2023, under the program mandated by the shareholders in the Annual General Meeting held on December 5, 2023. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital, such that the company?s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. 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.