Hibiscus Petroleum Bhd said Mettiz Capital Sdn Bhd has ceased to be a substantial shareholder after selling part of its stake.
In a filing with Bursa Malaysia, the group said Mettiz disposed of 1.12 million shares on April 2 and 540,000 shares on April 3, reducing its holdings to 35.27 million shares—below the 5% threshold required for substantial shareholder status.
The disposals were worth an estimated RM3.71 million based on closing prices on the respective days.
Mettiz first became a substantial shareholder in 2016 after subscribing to a private placement. Its exit marks a notable change in Hibiscus’ shareholder base.
Mettiz is founded by Michael Tang Vee Mun, who remains Hibiscus’ largest shareholder through indirect stakes held via Polo Investments Ltd and Mettiz, with a combined 12.32% interest.
Hibiscus shares closed down seven sen, or 3.1%, at RM2.17 on Monday, giving the company a market capitalisation of about RM1.6 billion.
Separately, the group said in November it was in talks with three potential strategic investors, including two oil companies, for a possible long-term investment involving shares, convertible securities, and the injection of producing oil and gas assets alongside cash.
