SINGAPORE (May 4): Ramba Energy is seeking to raise net proceeds of $17.9 million by placing out new shares to Indonesian tycoon and philanthropist Dato Sri Tahir.

The Indonesia-focused oil and gas explorer will issue 68 million shares at 27 cents each to Wing Harvest, which will hold the shares on trust for Tahir, it said in a statement.

Wing Harvest's sole shareholder and director is Clement Wang Kai, who was an executive vice president at Overseas Union Enterprises from 2007 to 2010.

The placement shares represent 17.6% of Ramba's existing share capital and 14.9% of its enlarged share base, while the placement price is 9.1% below the stock's volume-weighted average price of 29.7 cents on April 29.

The company will use the proceeds to repay a loan and fund its oil and gas business. Besides energy, Ramba also has a logistics business.

“I am pleased to announce this agreement with Ramba, as the group offers its investors the unique opportunity to benefit from Indonesia’s robust energy sector and increasing domestic demand for energy resources," Tahir said in a statement accompanying Ramba's announcement.

Tahir is best known for founding the Mayapada Group, an Indonesian conglomerate with interests in financial services, retail, healthcare, media and real estate.

His Tahir Foundation supports education, health and community causes across Indonesia.