Geo Energy proposes acquisition of 100% interest in Blessing Capital
Friday, March 4 2016 - 03:52 PM WIB
SGX-listed Geo Energy Resources Limited (the company or the purchaser, together with its subsidiaries, the group) announced on Friday that the company has entered into a conditional sale and purchase agreement dated March 4, 2016 (the agreement) with Alliance Joy Ltd (the vendor) for the acquisition of ordinary share(s) representing 100 percent shareholding interest in Blessing Capital Pte Ltd (the ultimate holding company).
Through various intermediate holding companies, the ultimate holding company indirectly holds an effective equity interest in PT Cahaya Lembusuana (CLS or the target company) of 99.46 percent. The Proposed Acquisition enables the company to collectively own the entirety of this interest.
CLS is a limited liability company established under the laws of the Republic of Indonesia, having its domicile at Samarinda, Indonesia. As at the date of the announcement, CLS is the holder of a coal mining concession. CLS holds a Production Operation Permit (IUP-OP) in accordance with Keputusan Bupati Kutai Kartanegara No. 540/002/IUP-OP/MB-PBAT/I/2014, dated 10 January 2014. The concession area is situated at Kedang Ipil, Kota Bangun District, Kutai Kartanegara Regency of East Kalimantan Province, Indonesia. The IUP covers approximately 2,310 ha of concession area with an estimated mineable coal tonnage of 2.31 million tonnes, and an estimated calorific value of 6,500-7,1001 kcal/kg, measured on an airdried basis.
PT Artha Niaga Mulia (the Indonesian local company) is a limited liability company established under the laws of the Republic of Indonesia, having its domicile at South Jakarta. The Indonesian Local Company has an authorized capital of one billion rupiah (Rp. 1,000,000,000.00) and issued and paid up capital of one billion rupiah (Rp. 1,000,000,000.00) divided into 1,000 shares each with nominal value of one million rupiah (Rp. 1,000,000.00). The Indonesian local company holds 2,499 ordinary shares in the capital of CLS, representing approximately 99.96% shareholding interest in CLS.
PT Benua Citra Kharisma (the Indonesian PMA company) is a limited liability company established under the laws of the Republic of Indonesia, having its domicile at South Jakarta, and which holds PMA status as at the date of this announcement. The Indonesian PMA company has an authorized capital of ten billion rupiah (Rp. 10,000,000,000.00) and issued, and paid up capital of two billion five hundred million rupiah (Rp. 2,500,000,000.00) divided into 25,000 shares each with nominal value of one hundred thousand Rupiah (Rp. 100,000.00). The Indonesian PMA Company holds 999 ordinary shares in the capital of the Indonesian local company, representing approximately 99.90% shareholding interest in the Indonesian local company.
The ultimate holding company is a company incorporated in Singapore having its registered office at 1 Raffles Place, #39-01, One Raffles Place, Singapore 048616. The Ultimate holding company has a share capital of US$ 1.00 divided into 1 share. The ultimate holding company holds 2,490 ordinary shares in the capital of the Indonesian PMA company, representing approximately 99.6% shareholding interest in the Indonesian PMA company.
Editing by Johannes Simbolon