Ramba Energy reveals potential offer to buy 51% stake at 60-70 cents per share

Ramba Energy revealed today a potential buyer has approached major shareholder, Edward Seky Soeryadjaya, to buy a 51% stake of the company.

This was in SGX's queries on Ramba's recent trading activity.

Ramba said buyer is making a voluntary conditional cash partial offer at an indicative price of between $0.60 to $0.70 a share.

"As at the date of this announcement, Mr Soeryadjaya has not made a firm decision on whether to pursue the Possible Offer,'' Ramba said.

Ramba added that Soeryadjaya has also been in discussion with a potential buyer for all his shares and those who are in concert.

The concert parties comprise his son, Aditya Wisnuwardana Seky Soeryadjaya, also the company's CEO and executive director; Precious Treasure Global Inc.; Redmount Holdings; Luciano Group; Chimsy Holdings; Glenville Group; York Hill Group and Benegain Group. Together, they hold 33.06% of Ramba.

On Monday, Ramba’s stock hit a record high of 78 cents, up 29% from Friday's close, with 153.2 million shares changing hands.

Ramba had halted trading at 2.10 pm on Monday. It resumed trading today and is trading at 65 cents, down 13 cents or 17%.