Ramba Energy, an oil-and-gas firm, plans to sell shares worth $10.2 million to a management consultancy owned by a Japanese company via a share placement, with the shares to be placed out representing 17.6 per cent of its current share base.
It said on Thursday that it would issue 96.8 million new shares to Eneco Investment at 10.5 cents per placement share. The placement price represents a premium of about 50 per cent over the volume-weighted average price of seven cents for trades done on Wednesday.
Funds raised will go towards its general working capital. Ramba also said it has killed its share and warrant placement agreement with Judah Value Activist Fund.
Eneco Investment, a Singapore-incorporated investment holding company providing management consultancy services, is wholly owned by Japan-incorporated Eneco Investment, Inc. Ramba was introduced to Eneco through McPeekay Investments, which is owned by Ms Lim Siew Kwan. McPeekay Investments will be paid an introducer fee of 3 per cent on the $10.2 million raised through the placement. The proposed placement is non-underwritten.
Ramba has separately moved to lift the trading halt on its shares.
Chaswood Resources Holdings
Chaswood Resources Holdings' wholly owned unit, Chaswood Resources, has entered into a binding term sheet for the sale of certain subsidiaries that own TGI Friday's in Malaysia and Teh Tarik Place businesses to Bursa Malaysia-listed Sino Hua-An International for RM8 million (S$2.7 million).
The proposed disposal will be carried out through the sale of investment holding company Bistromalones.
The subsidiaries being divested recorded a net loss after tax of about RM90.4 million for the financial year ended Dec 31 last year and a net profit after tax of RM40,000 for the six months ended June 30 this year .
The proposed disposal is part of an ongoing restructuring, and is in line with a scheme of arrangement with the group's financial institution lenders that has been approved by the scheme creditors at a court convened meeting on Nov 9. The scheme of arrangement is still subject to the court's approval.
The group will recognise a loss of about RM18.4 million from the proposed disposal, which may be subject to accounting adjustments when the deal is finalised.
The entire net sale proceeds will be used to partially repay the group's outstanding loans to financial institution lenders, as well as to repay trade and other creditors of the group.