Geo Energy to complete independent report on proposed acquisition
Wednesday, March 13 2013 - 02:03 AM WIB
SGX-listed Geo Energy Resources Limited said on Tuesday that the independent technical reports for PT Bomboy Central Prima Coal and PT Karya Permata Prima, PT Kencana Wilsa, and PT Central Coalindo Utama are estimated to be completed in July, August, and September 2013, respectively.
The company made the statement to respond to queries from Singapore Exchange Securities Trading.
Geo Energy said that it has appointed Stamford Law Corporation as its legal adviser on Singapore law; and ABNR as its legal adviser on Indonesian law as well as to conduct legal due diligence in respect of the proposed acquisitions.
The company is currently in negotiations with and in the process of appointing Deloitte Jakarta to conduct financial and tax due diligence in respect of the proposed acquisitions.
The due diligence will take place and be completed concurrently with the preparation and finalization of the ITRs
The Singapore Exchange Securities Trading also asked if Gold Lion Resources Limited an independent third party.
"Gold Lion Resources Limited (the ?Vendor?) is an investment holding company incorporated in the British Virgin Islands and its sole beneficial shareholder is Mr Kandhy Haribowo," Geo Energy said.
Gold Lion Resources Limited and Mr Haribowo are independent third parties and are not directly or indirectly related to the Company, Directors, Controlling Shareholders or their respective Associates.
Editing by Adianto P. Simamora