Geo Energy proposes to raise stake in unit

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.