Ramba Energy: (S$0.30) Proposed placement to Indonesian tycoon Dato Sri Tahir
Ramba Energy has proposed a private placement of 68m new shares at $0.27 apiece, to the founder of Indonesian conglomerate Mayapada Group, Dato Sri Tahir.
The new shares represent 17.6% of issued share capital and post-placement, Tahir will own a 14.9%-stake in Ramba.
The net proceeds of $17.9m from the placement is intended for Ramba's oil and gas work programme and debt repayment.
The investment by the Indonesian Tycoon and philanthropist may provide investor confidence in the group's portfolio of energy assets mainly located in Indonesia's South Sumatra and West Java, as well as management's strategy to expand in the country through acquisition and development of lower-risk, onshore assets.
At the current price, Ramba is valued at 1.4x P/B.
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