Geo Energy sets up Indonesian unit
Thursday, November 22 2012 - 02:13 AM WIB
SGX-listed coal mining firm Geo Energy Resources Limited and its subsidiary set up a new office in Indonesia, namely, PT Geo Mineral Trading, the company said in its statement.
Geo Mineral, domiciled in North Jakarta will engage in the distribution of coal and other minerals haulage services.
The company's subsidiary PT Geo Energy Coalindo, holds 99.9% of the capital of the Indonesia's subsidiary while the remaining 0.1% is held by Yanto Melati (the Corporate Senior Manager of the Group and a brother of the Company?s Directors, Charles Antonny Melati and Huang She Thong) in order to comply with the relevant laws in Indonesia which require a minimum of two shareholders.
The commissioner of the subsidiary is Yanto Melati and the director of the Subsidiary is Junanto, the Head of Marketing of the Group.
The investment in the Subsidiary is funded by the proceeds from the Company?s initial public offering. The incorporation of the Subsidiary is not expected to have any material impact on the net tangible assets per share or earnings per share of the Group for the current financial year ending 31 December 2012.
Editing by Adianto P. Simamora