Geo Energy Resources may list unit in Indonesia

Published Tue, Jun 23, 2020 · 09:50 PM

Singapore

COAL producer Geo Energy Resources said in a regulatory filing on Tuesday that one of its mining subsidiaries has been "encouraged to pursue a listing" on the Indonesian Stock Exchange (IDX).

This is "in line with" the Indonesian government's plan to support its local stock market, Geo Energy said. The company had previously explored a dual listing of its shares on the Hong Kong Stock Exchange, but this was put on hold subject to market conditions.

Geo Energy's announcement follows recent amendments made to the Indonesian mining law, which aims to allow miners to extend permits through a more streamlined process. The amended law also specifies the divestment obligations for foreign investments and allows the transfer of mining …