Ramba

Ramba: (S$0.355) Founder of HK-listed Emperor Group take up placement
Ramba has proposed its second private placement of new shares over a span of a week; this time to two placees- Win World Profits (5m shares) and Harry Wangidjaja (4m shares), with issue price at $0.32/share.

Win World Profits is an investment vehicle owned by Yeung Sau Shing Albert, the founder and chairman of HK-listed conglomerate Emperor Group (163 HK), while Harry is an Indonesian private investor.

The net proceeds of $2.8m has been earmarked for Ramba's oil and gas work programme and working capital.

Recall just seven days ago (30 Apr), Ramba announced a private placement of 68m new shares at $0.27 each to the founder of Indonesian conglomerate Mayapada Group, Dato Sri Tahir.

If both placements are approved by SGX, the total new shares would represent 19.8% of issued shares, just below the 20% cap which minority shareholders agreed to in its 2015 AGM.

With the increasing number of interest from deep-pocketed investors, share price of the Indonesian oil and gas player may potentially see further upside, supported by the stamp of confidence in management's strategy to expand via acquisition and development of lower-risk, onshore assets.

At the current price, Ramba is valued at 1.7x P/B.