Sugih expects to complete Ramba acquisition in Q1 2014
Tuesday, December 17 2013 - 04:55 AM WIB
IDX-listed oil and gas exploration and production company PT Sugih Energy Tbk said its planned acquisition of a 51 percent stake in Singapore-listed oil and gas exploration and production firm Ramba Energy Ltd could hopefully be completed in the first quarter of 2014.
Sugih Energy Corporate Secretary Fachmi Zakarsi said on Monday that the planned acquisition has been approved by the Singapore stock market authority.
Sugih announced in September of this year its plan to acquire the 51 percent shares in Ramba Energy, which has three oil and gas assets in Indonesia including a 70 percent interest in Jatirarangon block in West Java, 100 percent interest in West Jambi block, and a 51 percent ownership of the Lemang block in Sumatra.
President Director of Sugih Energy, Andhika Anindyaguna said that his company would acquire the Ramba Energy shares at a price of S$0.65 per share, translating to a total transaction value of S$112 million, or about US$90 million.
Editing by Reiner Simanjuntak