Sugih Energy given until April 11 to acquire Ramba
Thursday, April 3 2014 - 04:08 PM WIB
Singaporean firm Sugih Energy Pte. Ltd (SEP), a wholly-owned IDX-listed Sugih Energy Tbk, has been given by Securities Industry Council of Singapore (SIC) until April 11, 2014 to launch a partial offer of SGX-listed oil firm Ramba Energi Limited.
Earlier, SIC gave Sugih an extension until March 31, 2014 to meet all legal requirements in Indonesia and Singapore for its plan to acquire oil firm Ramba. In its latest statement on Thursday, Sugih said it was unable to obtain the confirmation of financial resources for the partial offer by March 31. It thus wrote to SIC to request for an extension of time to launch the partial offer and ?the SIC has given the Offerer up to 11 April 2014 to do so.?
Sugih has made an offer to acquire 51 percent of the issued ordinary shares in SGX-listed Ramba Energy.
Sugih announced in September last year that SEP had made an offer to acquire 51 percent of the issued ordinary shares in Ramba.
The planned transaction was subject to certain pre-conditions, the firm then said.
Ramba Energy is engaged in oil and gas exploration and production in Indonesia. Ramba ventured into the energy sector in 2008 with the goal of becoming a significant energy producer in Indonesia.
Ramba holds a 70% interest in the Jatirarangon block, located in West Java; a 100% interest in the West Jambi block, located in Sumatra; and its local subsidiary holds a 51% interest in the Lemang block, also located in Sumatra. All of Ramba?s assets are located in onshore regions on the Western Indonesian islands of Java and Sumatra.
Editing by Johannes Simbolon