Hibiscus up 8.47% on filing suit against Lime Norway

PETALING JAYA: Hibiscus Petroleum Bhd's share price rose as much as 8.47% to RM1.28 this morning, after filing a writ of summons to against Lime Petroleum AS (Lime Norway) and its three directors/officers for financial losses suffered by its subsidiary .
At 11.11 am, the stock was trading at RM1.27 with 51.68 million shares done.
The group told the stock exchange that the filing of the writ of summons to claim was to claim for compensation against Lime Norway and its three directors/officers for financial losses suffered by its subsidiary Gulf Hibiscus Ltd (GHL) in connection with the restructuring undertaken by Lime Norway.
The three directors of Lime Norway are Hans Ove Leonard Lidgren, Svein Helge Kjellesvik and Ivar Aarseth. The suit was filed at the Oslo District Court on Oct 11.
"The company and its subsidiaries fully reserve all their rights," Hibiscus said in a filing with the stock exchange.
GHL had in 2016 claimed for US$35 million (RM136.4 million) in compensation from Lime Norway for financial losses suffered by GHL.
To recap, Hibiscus bought a 35% stake in Lime Petroleum Plc (Lime Plc) for US$55 million in 2012 as its maiden acquisition to become a full-fledged listed company from a special-purpose acquisition company.
It was previously reported that Lime Norway had undergone a restructuring exercise that had diluted Lime Plc's stake in Lime Norway from 73.82% to 3.51%.