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(Image courtesy of Sugih Energy)

Indonesian Sugih Energy has withdrawn an offer to acquire a majority stake in Singapore-listed Ramba Energy.

The withdrawal had to be made when Sugih was unable to secure a loan from a U.S. based lender.

The loan was required for Sugih to fund the acquisition.

The initial cut off date for the deal was the end of March, however it was extended until April 11 for Sugih to secure the loan.

“As it is not possible for the Offeror (Sugih) to obtain further extension to launch the Partial Offer, the Offeror has no choice but to withdraw the Partial Offer,” said in a press release on Friday.

Ramba has upstream assets in South Sumatra and West Java in Indonesia.