Geo Energy to spend $10m for coal business expansion
Wednesday, October 17 2012 - 04:22 AM WIB
Singapore-based firm Geo Energy Resources which will be listed in Singapore Stock Exchange on October 19 said that the company has allocated US$10 million to keep expanding its coal business in Indonesia including through acquisitions, joint ventures and strategic alliances.
As of September 2012, the company signed a deed of cooperation with Prima Group which currently focused activities on exploration stage of coal mining value to assess the coal resources and reserves in a concession area.
Geo Energy said that among the prospective companies are PT Simpang Rupat Sejahtera (exploration stage) in Kutai Barat Regency, East Kalimantan with area of 4,150 ha; PT Griya Pat Petulai Asri (exploration stage) in Bengkulu Tengah, Bengkulu with 11,525 ha and PT Citra Dayak Indah (Production stage), Kutai Barat Regency, East Kalimantan.
Geo Energy launched initial public offering (IPO) of 289.26 million invitation shares on Wednesday, last week at 32.5 Singapore cents per piece. The IPO consisted of about 258.35 million new shares and about 30.92 million vendor shares.
Editing by Dadan Wijaksana