SINGAPORE - Oil and gas firm exploration and production Ramba Energy said on Friday night that Sugih Energy has withdrawn its offer to acquire a 51 per cent stake in Singapore-listed Ramba.
Sugih has been unable to obtain a loan it had relied on to help finance the partial offer, it said. A United States-based lender had agreed to furnish the loan by the end of March but failed to do so.
This resulted in Sugih having to request an extension of time - until last Friday - to launch its offer. This was approved by the Securities Industry Council (SIC).
However, the US lender still has yet to remit the funds, according to Sugih. Given the time constraints, Sugih will not be able to arrange for alternative funding in time to launch the offer.
As such, Sugih has sought and obtained SIC's approval to withdraw its partial offer.
Sugih, an Indonesia-listed energy producer, had offered 65 cents a share for the Ramba stake.