Geo Energy optimistic about prospects after restructuring
It is now exploring various ways to raise funding for its expansion, including buying more coal mines
Singapore
HAVING restructured its business to focus on mine ownership rather than mining services, Geo Energy is now ready to stretch its sails to catch the new wind in coal prices.
On the cards are plans to expand coal production and acquire even more mines to boost its reserves. The group has come a long way from the days when it was just a step away from being added to Singapore Exchange's watchlist for companies that have been in the red for three years, CEO Tung Kum Hon told The Business Times.
Brought in to turn around the struggling group in December 2015, Mr Tung made a radical decision: dispose the group's mine operation and contracting services business that it had listed with.
With a subsidiary of Jakarta-listed Delta Dunia, PT Bukit Makmuar Mandiri Utama (Buma), providing the group overburden removal and coal haulage services at very competitive rates since mid-2015, the businesses didn't make sense for the group anymore, said M…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered