Sugih Energy given until March 31 to meet requirement for Ramba acquisition
Friday, January 3 2014 - 02:26 PM WIB
Singapore-incorporated Sugih Energy Pte (SEP), a wholly owned subsidiary of IDX-listed PT Sugih Energy, has given an extension until March 31, 2014 to meet all legal requirements in Indonesia and Singapore for its plan to acquire oil firm Ramba Energi Limited.
?Singapore Industry Council (SIC) has agreed to give SEP a time extension until March 31, 2014 to meet all necessary pre-conditions for the planned acquisition according to the regulations regarding limited liability companies, energy and stock market in the Republic of Indonesia and the Republic of Singapore,? Sugih Energy said in a statement filed with Indonesian Stock Exchange.
If the all pre-conditions are not met by the deadline, the acquisition plan will end and SEP will not ask for another time extension, the firm said.
Singapore-incorporated Sugih Energy Pte (SEP), a wholly owned subsidiary of IDX-listed PT Sugih Energy, has made an offer to acquire 51 percent of the issued ordinary shares in Singapore-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 Singapore-listed Ramba Energy.
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, Indonesia; a 100% interest in the West Jambi block, located in Sumatra, Indonesia; and its local subsidiary holds a 51% interest in the Lemang block, also located in Sumatra, Indonesia. All of Ramba?s assets are located in onshore regions on the Western Indonesian islands of Java and Sumatra.
Editing by Johannes Simbolon