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MAINBOARD-LISTED Ramba Energy has said it plans to sell a 14.9 per cent stake in the company to an Indonesian tycoon for S$18.4 million in gross proceeds to repay debt and for other uses.
The oil and gas company said late on Sunday that it will place out 68 million shares, or 14.9 per cent of Ramba's post-placement share capital, at 27 Singapore cents apiece to British Virgin Islands-incorporated Wing Harvest.
Wing Harvest is fully owned by one Dr Clement Wang Kai, who is holding the shares of Wing Harvest in trust for Tahir, the founder of the Indonesian conglomerate Mayapada Group.
Developer Tuan Sing Holdings posted a more than doubling of its net profit to S$15.9 million from S$7.7 million for the first quarter.
Revenue for the three months to March 31, 2015, surged 153 per cent to S$155.3 million, driven by strong performance from its property division.