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Geo Energy Resources to invest in online e-commerce portal in Indonesia
INDONESIAN coal mining group Geo Energy Resources Limited 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 non-coal related business since its establishment in 2008.
The unit, PT Geo Online Indonesia (Geo Online), was incorporated with an authorised capital of 10 billion rupiahs (S$1 million) and an issued and paid-up capital of 2.5 billion rupiahs, 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 Indonesia.
The group is in discussion on the proposed investment and an appropriate announcement will be made later. Discussions are still at a preliminary stage, it said in a Singapore Exchange filing on Tuesday morning.
There is no certainty that the proposed investment will take place and securityholders and potential investors are advised to exercise caution when dealing in the securities of Geo Energy.