Ramba Energy buys 51% stake in Sugih Energy

Singapore-listed oil and gas firm Ramba Energy, through its wholly-owned Indonesian subsidiary Ramba Energy Indonesia announced on Thursday it is buying a 51 percent stake in an Indonesian energy firm PT Sugih Energy Tbk for US$1 million.

Ramba Energy is buying the 206.3 million shares of PT Sugih Energy Tbk. from PT Graha Samapersada, the company said in statement

Sugih's shares are listed on the Indonesia Stock Exchange. Under Indonesia's listing rules, Ramba will have to make a mandatory take-over offer for the remaining shares of Sugih.

Ramba says it will fund the purchase from the proceeds of a private placement.

PT Sugih Energy's principal activity is distributing spare parts for the oil and gas industry.(denny)