Ramba Energy

Ramba Energy: Jakarta-listed PT Sugih made voluntary conditional cash offer of $0.65/share for a 51% stake in Ramba. Ramba's CEO and others holding an aggregate 33.26% has given their irrevocable undertakings to accept Sugih's offer. Sugih holds equity interests in 2 exploration blocks in Sumatra - 49% stake in Lemang block and 100% stake in Kalyani block as an operator. Ramba owns the balance 51% stake in Lemang and 70% working interest in already-producing Jatirarangon block in West Java. Sugih highlight potential synergistic benefits. This transaction will involve a cross-holding between PT Sugih and Ramba Energy. Ramba's wholly-owned subsidiary Ramba Energy Indonesia currently owns a 39% stake in PT Sugih.