Singapore: Ramba Energy, an oil and gas exploration and production company with interests in Indonesia, has entered into a private share placement agreement, which is expected to raise approximately S$17.9m in net proceeds.
The group has agreed to place a total of 68m shares priced at S$0.27 cents per share to Indonesian tycoon Dato Sri Tahir, giving him a 14.9% interest in the company.
Ramba plans to utilise 60.9% of the proceeds raised for activities related to the group’s oil and gas work programme.
