You are here
Ramba to raise S$10.2m in fresh placement, kills earlier deal with fund
RAMBA Energy, an oil-and-gas firm, on Thursday said that it plans to sell shares worth S$10.2 million to a management consultancy owned by a Japanese firm via a share placement, with the shares to be placed out representing 17.6 per cent of its current share base.
It said that it would issue 96.8 million new shares to Eneco Investment at S$0.105 per placement share. The placement price represents a premium of about 50 per cent over the volume-weighted average price of S$0.07 for trades done on Wednesday.
Funds from the proposed placement will go towards its general working capital, Ramba said. Alongside this latest placement proposal, Ramba also said that it has killed its share and warrant placement agreement with Judah Value Activist Fund that was announced in May.
Eneco Investment is a Singapore-incorporated investment holding company providing management consultancy services, and is wholly owned by Japan-incorporated Eneco Investment, Inc. Ramba was introduced to Eneco through McPeekay Investments, which is owned by Lim Siew Kwan. McPeekay Investments will be paid an introducer fee of 3 per cent on the S$10.2 million raised through the placement.
The proposed placement is non-underwritten, and there is no placement agent appointed.
Ramba has separately moved to lift the trading halt on its shares, with trading to begin on Friday morning.