Tahir eyes more expansion in oil and gas after Ramba stake buy

[JAKARTA] Indonesian tycoon Tahir said his purchase of a 14.9 percent stake in Singapore-listed Ramba Energy Ltd is a "good entry" to oil and gas and may look at more expansion opportunities in the sector.

Ramba, which has oil and gas assets on the Indonesian islands of Java and Sumatra, said on Sunday it will raise S$17.9 million (US$13.4 million) in net proceeds from a private placement of 68 million shares at S$0.27 each to Tahir.

The announcement sent Ramba shares surging as much as 17 per cent on Monday. "There are several blocks in Indonesia that are promising. Ramba also has a big room for expansion," Mr Tahir, the founder of Indonesian conglomerate Mayapada Group, told Reuters by phone."It's a good entry to start in the oil and gas sector."

Mayapada's hospital operator unit, PT Sejahteraraya Anugrahjaya Tbk, is planning a rights issue to raise 1 trillion rupiah (US$77 million) in the second quarter, Tahir said.

The group's Bank Mayapada Tbk may also go for a rights issue in September to raise 650 billion rupiah, he added.

REUTERS