TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issue manager
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Aandrea Soh
09 September 2013
Oil and gas exploration and production firm Ramba Energy has received an offer from Jakarta-listed Sugih Energy for a 51 per cent stake in the firm.
Sugih Energy, an Indonesian energy producer, will make a voluntary conditional cash offer at 65 cents a share.
This represents a 3.17 per cent premium over Ramba’s last traded price of 63 cents on Thursday, or a 6.21 per cent premium over the volume-weighted average price of 61.2 cents for the three months before the announcement.
Sugih, which has a market capitalisation of 10.73 trillion rupiah (S$1.22 billion), holds equity interests in two exploration blocks in Sumatra in Indonesia, namely a 49 per cent stake in Lemang block, and a full stake in Kalyani block as an operator.
Ramba holds the other 51 per cent stake in Lemang through its local subsidiary Hexindo, on top of full working interest in another oilfield in Sumatra in the West Jambi block, and a 70 per cent working interest in the already-producing Jatirarangon block in West Java.
The partial offer will, therefore, give Sugih full control of the Lemang block.
“Sugih believes that it is able to contribute to, enhance and fast-track the company’s and Sugih’s growth plans to become one of the top global companies in the oil and gas industry, and generate potential operational and geographical synergistic benefits,” it said.
Such synergies will include savings in procurement; economies of scale in advertising and marketing expenditure; and future opportunities to work together to procure oil and gas contracts.
Furthermore, Sugih’s competency in the oil and gas industry will help Ramba’s operations to be more effective and efficient, it added.
Sugih has received irrevocable undertakings by shareholders - including Ramba’s chief executive and executive director Aditya Wisnuwardana Seky Soeryadjaya, Luciano Group, Chimsy Holdings and Glenville Group - representing 33.26 per cent of Ramba as of yesterday.
The deal has been approved by the Securities Industry Council, which enforces the Takeover Code here.
It is further subject to approval from Sugih’s shareholders, compliance with the Financial Services Authority in Indonesia and approval by the Indonesian government with regard to the Lemang block.
Besides oil and gas exploration in Indonesia, Ramba also provides supply-chain logistic services in the region through its wholly-owned subsidiary RichLand Logistics services, one of the largest local logistics firms.
Oil discoveries announced at the Lemang block in December and May have helped the counter to run up 34 per cent so far this year to 65 cents, before Ramba called for a trading halt on Friday.