SINGAPORE/KUALA LUMPUR (April 13): Hibiscus Petroleum Bhd is considering listing a special purpose acquisition company in Singapore that could raise as much as S$200 million (RM620.38 million), according to people familiar with the matter.

The Malaysian independent oil and gas explorer has held talks with potential advisers on the potential SPAC initial public offering, said the people, who asked not to be identified as the information is confidential. The blank-check company, which could raise S$150 million to S$200 million, will look for acquisition targets in the renewable energy sector, the people said.

Discussions are at an early stage and the Kuala Lumpur-based company could decide not to proceed with the plan, the people said.

“As part of this long-term energy transition strategy, we are looking at all forms of funding structures,” a representative for Hibiscus said in response to Bloomberg News queries, adding no decision has been made. The company declined to comment on a SPAC listing plan.

Singapore’s IPO market has been dominated by SPAC listings this year. Blank-check companies raised about US$316 million (RM1.34 billion) through first-time share sales in the city-state, accounting for 95% of all the funds raised via IPOs in the country, according to data compiled by Bloomberg.

Hibiscus itself was the first SPAC to be listed on the Malaysian bourse in July 2011. It became an oil and gas exploration firm a year later after acquiring a 35% stake in Lime Petroleum Plc, whose assets included concessions in the Middle East. The company has since grown its portfolio to include energy assets in Australia, Malaysia, the UK and Vietnam, according to its website.