Geo Energy sets up new subsidiaries
Tuesday, February 7 2017 - 01:06 AM WIB
SGX-listed coal mining firm Geo Energy Resources Limited announced Monday it has set up two new subsidiaries and an indirect subsidiary.
The company said in a statement that it has set up two new wholly-owned subsidiaries in Hong Kong namely Geo Energy International (HK) Limited and Geo Coal International (HK) Limited.
Each of the subsidiaries has an issued and paid-up capital of US$1.00 comprising one ordinary share held by the company. ?The incorporation of the subsidiaries is for investment holding and coal trading, as part of the group?s restructuring and streamlining of its operations,? Geo Energy said.
It added that the company?s wholly-owned subsidiary Geo Energy Investments Ltd has incorporated a wholly-owned subsidiary in Singapore, namely, STT Coal Resources Pte. Ltd.
The STT Coal Resources has an issued and paid-up capital of US$1.00 comprising one ordinary share held by Geo Energy Investments Ltd. ?The incorporation of the STT Coal Resources is for investment holding, as part of the group?s restructuring and streamlining of its operations,? the company said.
Geo Energy Group is an established and experienced coal mining group operating out of Indonesia. Geo Energy Group 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