Indonesia's integrated energy services company PT Sugih Energy Tbk announced Friday, through PrimePartners Corporate Finance Pte. Ltd. (PPCF), that its wholly owned subsidiary Sugih Energy Pte. Ltd. has withdrawn an offer to acquire 51 percent of the issued ordinary shares in Singapore-listed oil and gas exploration and production firm Ramba Energy Limited.
The withdrawal of the offer resulted from the failure of a United States-based lender to provide the loan, which Sugih required to fund the shares acquisition, by end March. Although the Securities Industry Council in Singapore extended the deadline to April 11 for Sugih to obtain confirmation of the financial resources to launch the offer, the lender still did not provide the funds.
"As it is not possible for the Offeror (Sugih) to obtain further extension to launch the Partial Offer, the Offeror has no choice but to withdraw the Partial Offer," PrimePartners said in a press release Friday.
Ramba has upstream assets in South Sumatra and West Java in Indonesia. The firm revealed around mid-February that it will submit a development plan for the Lemang production sharing contract in South Sumatra.
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