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GEO Energy Resources has inked an agreement to acquire an ultimate holding company that owns an Indonesian coal mining concessionaire for US$18 million to expand its operations and increase its coal reserves and production levels.
Geo Energy Resources entered into a conditional sale and purchase agreement with Sunrise Wealth Success - an investment holding company incorporated in the British Virgin Islands - to wholly acquire Borney Bara Resources, which through several intermediate holding companies, indirectly holds an effective equity interest of 79.91 per cent in PT Parisma Jaya Abadi (PJA).
The proposed acquisition will result in Geo Energy Resources owning the nearly 80 per cent interest in PJA, hence allowing it access and control over the mining concession and the coal deposits located in the mining permit area, said the firm in an announcement to the Singapore Exchange.
"This in turn would increase the company's quantity of high calorific value coal reserves available for production," it added.
The counter closed unchanged on Monday at 12 Singapore cents.