Geo Energy proposes to raise stake in unit
It inks deal to buy remaining 34% interest in Borneo Int'l Resources that it does not already own - for US$25m
Singapore
COAL-MINING group Geo Energy Resources has entered into a conditional sale-and-purchase agreement dated Dec 26, 2015, to buy the remaining 34 per cent shareholding interest in Singapore-incorporated Borneo International Resources Pte Ltd that it does not already own - for US$25 million. The mainboard-listed company made the announcement on Saturday.
Borneo International Resources indirectly holds an effective equity interest of 98.96 per cent in PT Sungai Danau Jaya (SDJ), which is "the holder of coal mining concession in South Kalimantan, Indonesia", Geo Energy said in its statement to Singapore Exchange.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Carnival’s Princess brand revises 2025 world cruise routes amid Red Sea tensions
Google to pay up to US$6 million to News Corp for new AI content, The Information reports
Restaurant Brands tops estimates as Burger King overhaul pays off
Yen falls after suspected intervention on Monday; eyes on Fed
US: Wall St opens lower on labour costs data
TikTok shop tops 500,000 US sellers after 2023 e-commerce launch