BlackGold hands control to RAG under $1.6m restructuring deal

Creditors are set for a 38-cent recovery as investor takes 85% stake.

BlackGold Natural Resources Limited, which is under judicial management, is set to hand an 85% controlling stake to PT Rajawali Artha Global as part of a restructuring deal tied to a $1.6m investment funding agreement.

Under the agreement announced on 22 June, PT Rajawali Artha Global (RAG) will subscribe for new shares in the company, with the subscription proceeds also forming the scheme fund used to repay creditors.

The company has debts of about $4.2m and is proposing a scheme of arrangement under Section 210 of the Companies Act to restructure its liabilities.

Creditors had previously approved RAG’s revised proposal at a meeting held on 31 December 2025, with unanimous support in number and value, according to the filing.

Under the proposed scheme, creditors are expected to receive about 38 cents on the dollar of admitted claims, subject to final claim verification and scheme costs.

Following the completion, RAG will hold 85% of BlackGold’s enlarged share capital, whilst existing shareholders will be diluted to 15%.

The transaction may trigger mandatory general offer obligations under the Singapore Code on Take-overs and Mergers, as RAG’s stake exceeds the 30% threshold.

The company said RAG will seek a waiver from the Securities Industry Council, subject to shareholder approval of a whitewash resolution.

The funding package includes a $90,000 initial payment for scheme costs and up to $400,000 in professional fees funding, alongside additional uncapped funding for external audit and advisory costs.

The Judicial Manager said the proposal is intended to support implementation of the scheme and provide a better outcome for creditors compared with liquidation.

Completion is subject to creditor approval, court sanction, shareholder approvals, regulatory clearances, and approval from the Singapore Exchange Securities Trading Limited for resumption of trading.

BlackGold shares remain suspended from trading on SGX Catalist.

The company has applied for an eight-month extension of judicial management until 23 March 2027, with a case conference scheduled for 23 June.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia