Bandar Seri Begawan: Hibiscus Petroleum Bhd, through its fully owned subsidiary Simpor Hibiscus Sdn Bhd, has finalized a long-term US$100 million (RM439 million) Islamic syndicated financing agreement with Bank Islam Brunei Darussalam (BIBD) and Baiduri Bank.

According to BERNAMA News Agency, the company revealed in a Bursa Malaysia filing that the agreement is designed to support Hibiscus Petroleum’s strategic growth in Brunei, emphasizing its commitment to the country’s energy sector and aligning with the objectives of Wawasan Brunei 2035.

The financing agreement was signed in Bandar Seri Begawan, Brunei, and was 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. Hibiscus Petroleum Chairman Zainul Rahim noted that the partnership signifies the company’s aligned values with Bruneian counterparts and its vision for sustainable development.

BIBD Managing Director and CEO Awang Junaidi Masri expressed that the bank was privileged to be appointed as the lead arranger and structuring bank for this significant Islamic financing deal. Baiduri Bank CEO Eng Hui Ti also highlighted the agreement’s importance in shaping Brunei’s energy sector and delivering enduring value to local communities.