PT Sugih Energy Tbk (JKSE:SUGI) made a voluntary conditional offer to acquire 51% stake in Ramba Energy Limited (SGX:R14) for approximately SGD 110 million on September 5, 2013. As reported, Sugih Energy will offer SGD 0.65 per share in cash for 174.79 million shares in Ramba Energy. Through this offer, Sugih will have 100% control of the Lemang Block.

The offer will remain open for approval and acceptance by shareholders for a period of not less than 28 days from the date of dispatch of the offer document. Sugih has received irrevocable undertakings by shareholders including Ramba's Chief Executive and Executive Director Aditya Wisnuwardana Seky Soeryadjaya, The Luciano Group, York Hill Group Limited, Glenville Group Limited, Chimsy Holdings Limited and Benegain Holdings Limited, Bambang Nugroho and Lanymarta Ganadjaja representing 33.26% of Ramba. The offer allows for the retention of Ramba Energy's listing status on the SGX-ST.

The making of the offer is subject to approval from Sugih's shareholders, compliance with the Financial Services Authority in Indonesia and approval by the Indonesian government and SKK Migas with regard to the Lemang block. It is not confirmed that the SKK Migas approval is required or not, therefore an application has been submitted to SKK Migas as to whether SKK Migas Approval would be required for the offer or not. If SKK Migas confirms that its approval is not required for the offer, the condition will be waived. If SKK Migas takes the view that its approval is required, PT Sugih Energy will request to obtain the necessary approval and target to achieve it before end of February 2014.

The offer once made will be subject to Sugih Energy having received, by the close of the offer, approval by shareholders representing more than 50% of the valid votes received from offer shareholders. The offer was approved by Securities Industry Council on September 5, 2013. On December 31, 2013, the long stop date was extended to March 31, 2014. The offer document will be dispatched between April 14, 2014 to April 21, 2014. First closing sate would be between May 12, 2014 and May 19, 2014. As on April 2, 2014, the offer period was extended to April 11, 2014. Prime Partners Corporate Finance acted as financial advisor for Sugih Energy. Chia Kim Huat, Teo Yi Jing and Bernia Tan of Rajah & Tann acted as legal advisors for PT Sugih Energy Tbk. Ng Eng Leng, Li Shuhui, Nigel Chia and Grace Ong of Rodyk & Davidson LLP acted as legal advisor for the shareholders of Ramba from whom irrevocable undertakings have been received for the offer.

PT Sugih Energy Tbk (JKSE:SUGI) cancelled the acquisition of 51% stake in Ramba Energy Limited (SGX:R14) on April 11, 2014.