Corporate digest

Geo Energy Resources

INDONESIAN coal-mining group Geo Energy Resources has set up a new unit to invest in a controlling equity stake in an online e-commerce portal in Indonesia, marking the group's first foray into a non-coal-related business since its establishment in 2008.

The unit, PT Geo Online Indonesia, was incorporated with an authorised capital of 10 billion rupiah (S$1 million) and an issued and paid-up capital of 2.5 billion rupiah, and will engage in trading, e-commerce, information technology and communication businesses. The proposed investment will enable the group to gain access to an e-commerce platform and allow it to capitalise on Indonesia's fast-growing demand for online shopping with a growing Internet consumer base in the country.