Skip to content
AidData logo

Overview

Bank of China Malaysia contributes to $99 million syndicated term loan to Hibiscus Petroleum Berhad in Malaysia (Linked to Record ID#102935, #102936, and #102937)

Commitments (Constant USD, 2023)$23,386,749
Commitment Year•2022Country of Activity•MalaysiaDirect Recipient Country of Incorporation•MalaysiaOverseas Jurisdiction•MalaysiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 30, 2022

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The project contributed $120 million between a loan and a revolving credit facility to Hibiscus Petroleum Berhad, located in Kuala Lumpur, Malaysia. More detailed locational information can be found at https://www.openstreetmap.org/way/468604912.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (Malaysia) Berhad

Cofinancing agencies

Private Sector

  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Standard Chartered Bank PLC

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (Malaysia) Berhad (ICBC Malaysia)

Receiving agencies

Private Sector

  • Asia Hibiscus Sdn Bhd

Loan desecription

ICBC and Bank of China contribute to USD 99 million syndicated term loan to Hibiscus Petroleum Berhad in Malaysia

Interest type•Unknown

Narrative

Full Description

Project narrative

On November 30, 2022, Asia Hibiscus Sdn Bhd -- a wholly-owned subsidiary of Hibiscus Petroleum Berhad -- entered into a long term, $120 million debt facility agreement, with four banks: HSBC Bank Malaysia Berhad (HSBC Malaysia), Bank of China Malaysia Berhad, Industrial and Commercial Bank of China (Malaysia) Berhad, and Standard Chartered Bank Malaysia Berhad. The facility agreement consists of a $99 million term loan and a $21 million revolving credit facility (RCF). The borrowing terms that apply to the term loan and RCF are unknown. The borrower was expected to use the term loan and RCF proceeds to finance Hibiscus Petroleum Berhad's organic growth plans for its current producing and development assets as well as its working capital requirements.

Staff comments

1. The facility agreement consists of a $99 million term loan and a $21 million revolving credit facility (RCF). Bank of China and ICBC's contributions to the term loan and RCF are captured via Record ID#102935, #102767, #102936, and #102937. 2. Hibiscus Petroleum Berhad is an independent oil and gas exploration and production company based in Kuala Lumpur, Malaysia. The company's securities are listed on the Main Market of Bursa Malaysia Securities Berhad. 3. The individual financial contributions of the members of the syndicate are unknown. AidData assumes equal contributions ($24,750,000) on the term loan across the four known members of the syndicate. This issue warrants further investigation.