Geo Energy Resources submits proposal for potential acquisition

Coal producer Geo Energy Resources said on Friday it has submitted a revised non-binding proposal to acquire new coal assets for a producing coal mine in East Kalimantan, Indonesia.

It disclosed in its Q2 results announcement that it is exploring the acquisition, and has submitted the proposal as part of the bid process. If the transaction proceeds, it is "likely to represent a very substantial acquisition" under the Singapore Exchange listing rules, Geo Energy said.

There is no certainty or assurance that a transaction will materialise or be concluded, and the company will make further announcements as and when appropriate.

Geo Energy shares closed at S$0.147 on Friday, down 0.3 Singapore cent or 2 per cent.