Geo Energy sets up new RI subsidiary
Wednesday, March 9 2016 - 04:23 AM WIB
SGX-listed Geo Energy Resources Limited announced Wednesday that the Group has received an approval from the Indonesian Ministry of Law and Human Rights under its decree Number AHU-0012647.AH.01.01/2016 that a new subsidiary in Indonesia, namely, PT Geo Tebo Power Inti, has been incorporated on March 8, 2016.
The subsidiary is domiciled in North Jakarta, Indonesia and will engage to explore an opportunity in the power generation business in Indonesia, Geo Energy said in a statement.
Geo Energy said the subsidiary has an authorised capital of Rp 12 billion and an issued and paid-up capital of Rp12 billion. The company?s subsidiary, PT Geo Energy Coalindo, holds 99.92 percent of the capital of Geo Tebo while the remaining 0.08 percent is held by Huang She Thong (the Executive Director of the Group and a brother of the Company?s Executive Chairman, Charles Antonny Melati) in order to comply with the relevant laws in Indonesia which require a minimum of two shareholders.
The commissioner of Geo Tebo is Huang She Thong and the director is Junanto (the Head of Marketing of the Group).
Editing by Reiner Simanjuntak