Sugih Energy International Pte. Ltd. announced a private placement of 100,000,000 common shares at SGD 1 per share with an existing investor, PT Sugih Energy Tbk for gross proceeds of SGD 100,000,000 on February 23, 2015. The capital of the company will increase from SGD 2 to SGD 100,000,002 upon closing.

Each share will be issued at a par value. The investor holds majority stake in the company. The transaction has been approved at the extraordinary general meeting of the company.