Hibiscus Petroleum Signs RM439 Mln Islamic Financing Deal With Brunei Banks

KUALA LUMPUR, April 17 (Bernama) -- Hibiscus Petroleum Bhd, through its wholly owned subsidiary Simpor Hibiscus Sdn Bhd, has signed a long-term US$100 million (RM439 million) Islamic syndicated financing agreement with Bank Islam Brunei Darussalam (BIBD) and Baiduri Bank.

In a Bursa Malaysia filing today, the company said the agreement supports Hibiscus Petroleum’s growth ambitions in Brunei, reinforces its long-term commitment to the country’s energy sector, and supports its priorities under Wawasan Brunei 2035. 

The financing agreement was signed yesterday (April 16) in Bandar Seri Begawan, Brunei and witnessed by Brunei’s Minister at the Prime Minister’s Office and Minister of Finance and Economy II, Datuk Seri Setia Dr Awang Mohd Amin Liew Abdullah.

bootstrap slideshow

Hibiscus Petroleum chairman Zainul Rahim said the strategic partnership reflects the company’s shared values with its Bruneian counterparts and its vision for sustainable development.

“This is not just a formal agreement; it is an expression of our belief that we see a long-term future in Brunei. It marks a pivotal moment in our collective efforts to foster economic growth, enhance local value and contribute to the sustainable development of Brunei,” he said.

BIBD managing director and chief executive officer (CEO) Awang Junaidi Masri said the bank was honoured to be mandated as lead arranger and structuring bank for the landmark Islamic financing deal.

bootstrap slideshow

“This collaboration reflects our commitment to advancing Brunei’s economic development and supporting strategic investments that align with the nation’s long-term goals,” he said.

Baiduri Bank CEO Eng Hui Ti said the agreement underscores a shared commitment to shaping Brunei’s energy sector and delivering long-term value to local communities.

-- BERNAMA