Rodyk – Voluntary Conditional Cash Partial Offer of Ramba Energy Limited, Which Values the Company at Approximately S$223 Million

Rodyk acted for certain shareholders (Undertaking Shareholders) of Ramba Energy Limited (Ramba) in the voluntary conditional cash partial offer (Partial Offer) by Sugih Energy Pte Ltd (Offeror) to acquire 51% of the issued ordinary shares (Shares) in the capital of Ramba.

Ramba is listed on the Mainboard of the Singapore Exchange and its main businesses include oil and gas exploration and production in Indonesia. The Offeror is a wholly-owned subsidiary of PT Sugih Energy Tbk (Sugih), an energy producer incorporated in Indonesia and listed on the Indonesian Stock Exchange. At an offer price of S$0.65 per Share, the Partial Offer values Ramba at approximately S$223 million.

The Undertaking Shareholders have provided irrevocable undertakings to the Offeror in respect of all their Shares, amounting to an aggregate of 114,009,000 Shares and representing approximately 33.26% of the total number of Shares. The making of the Partial Offer is conditional upon, among other things, approval of the shareholders of Sugih and certain Indonesian regulatory approvals.

The transaction is led by corporate partner Ng Eng Leng and assisted by senior associates Li Shuhui, Nigel Chia and Grace Ong.

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