Golden Energy forms Singapore subsidiary
Tuesday, July 17 2012 - 12:50 AM WIB
IDX-listed coal miner, PT Golden Energy Mines has established a subsidiary in Singapore as part of the company?s expansion plan in the city state.
In a disclosure report filed to the Indonesian Stock Exchange (IDX) on Monday, the company said the subsidiary would operate under the name of GEMS Coal Resources Pte. Ltd (GEMSCR).
Golden Energy has a 100 percent stake in the Singapore subsidiary, which will be engaged in trading business to support coal trading overseas.
The establishment of the new subsidiary followed the acquisition of Golden Energy?s shares by Singapore-based United Fiber System Ltd from PT Dian Swastatika Sentosa under a share swap deal worth US$1.55 billion.
Golden Energy has 12 subsidiaries mostly engaged in coal mining businesses.
Editing by Adianto P. Simamora