Geo Energy increases issued, paid-up capital of Geo Coal Int?l
Tuesday, July 9 2013 - 01:28 AM WIB
SGX-listed Geo Energy Resources Limited announced Monday that the company has increased the issued and paid-up capital of Geo Coal International Pte. Ltd. (GCI), a wholly-owned subsidiary of the company.
Pursuant thereto, the total issued and paid-up share capital of GCI increased from S$100 to S$500,000, comprising 500,000 ordinary shares. The purpose of the increase in share capital is to provide for the subsidiary?s working capital requirements.
The increase in the issued and paid-up capital of GCI is funded by internal resources and is not expected to have any material impact on the net tangible assets per share or earnings per share of the company for the financial year ending 31 December 2013 .
Geo Energy is an established and experienced coal mining group operating out of Indonesia. The company currently owns PT Bumi Enggang Khatulistiwa (BEK), the Mining Business License (IUP) owner of a 4,570 hectare coal mining concession area in Kutai Barat, East Kalimantan , and subsidiary companies that are responsible for mining, as well as heavy equipment and machinery procurement and rental.
Editing by Reiner Simanjuntak