Geo Energy sets up new subsidiary

By Romel S. gurky

SGX-listed Geo Energy Resources Limited announced that the group received on Thursday an approval from the Ministry of Law and Human Rights of the Republic of Indonesia that a new subsidiary in Indonesia, namely, PT STT Tunas Bara has been incorporated.

The company said in a statement that the subsidiary is domiciled in Jakarta Utara, Indonesia and will engage in general trading and services.

The subsidiary has an authorised capital of Rp 500 million and an issued and paid-up capital of Rp125 million. The company?s subsidiary, PT Mitra Nasional Pratama, holds 99.2 percent of the capital of STT Tunas Bara, while the remaining 0.8 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 the subsidiary is Junanto (the Deputy Head of Jakarta Office) and the director of the subsidiary is Deni Kusmayadi (the Head of Legal of the Group).

Editing by Reiner Simanjuntak