Sugih withdraws offer to acquire shares in Ramba Energy
Monday, April 14 2014 - 04:20 AM WIB
Singapore-based Sugih Energy Pte Ltd, a wholly owned subsidiary of IDX-listed integrated energy services company Sugih Energy Tbk, has withdrawn an offer to acquire 51 percent of the issued ordinary shares in SGX-listed oil firm Ramba Energy Ltd.
The company, via PrimaPartners Corporate Finance Pte Ltd, said in a statement on Friday that it has decided to withdraw the partial offer because the company has not been able to obtain the necessary confirmation for financial resources to finance the acquisition from a US-based lender by the April 11 deadline.
The Securities Industry Council of Singapore (SIC) initially gave Sugih until end of March to obtain the funding confirmation. But Sugih asked for an extension of the deadline to April 11 to launch the partial offer.
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 percent interest in the Jatirarangon block, located in West Java; a 100 percent 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 Reiner Simanjuntak