RI tycoon to acquire stake in Ramba Energy
Monday, May 4 2015 - 01:24 AM WIB
SGX-listed Ramba Energy Limited, an oil and gas exploration and production company with interests in Indonesia, announced it has entered into a private share placement agreement, which is expected to raise approximately S$17.9 million in net proceeds.
The firm said in a statement obtained Monday it has agreed to place a total of 68,000,000 shares priced at S$0.27 cents per share to Indonesian tycoon and philanthropist Tahir (one name). Upon completion of the share placement, Tahir will hold 14.9 per cent interest of the enlarged issued and paid-up share capital of the company.
Ramba plans to utilise 60.9 per cent of the proceeds raised for activities related to its oil and gas work program.
Tahir is one of Indonesia?s most prominent businessmen, and best known for founding the Mayapada Group, a leading Indonesian conglomerate with interests in financial services, retail,healthcare, media and real estate.
In addition to business interests, Tahir is anactive philanthropist as The Tahir Foundation actively supports education,health and community services across Indonesia.
David Aditya Soeryadjaya, CEO of Ramba, said, ?This investment from Dato Sri Tahir, one of Indonesia?s most successful and accomplished businessmen, represents a milestone for Ramba. Dato Sri Tahir hasa proven track record across a wide range of business sectors, and his investment in Ramba further affirms investor confidence in our strategy. As a company committed to Indonesia, we are confident that this share placement will prove beneficial for our Group?s oil and gas work program as we work to optimise our Indonesian asset portfolio.?
Ramba holds a 70 per cent interest in the Jatirarangon TAC block (?Jatirarangon block?), located in West Java; a 100 percent interest in the West Jambi KSO block (?West Jambi block?), located in Sumatra; and a 51 per cent interest in the Lemang PSC block (?Lemang block?), also located in Sumatra, Indonesia. All of the Group?s assets are located in onshore regions on the Western Indonesian islands of Java and Sumatra.
Editing by Reiner Simanjuntak