Coal miner Geo Energy scores hat trick with Macquarie Bank
S'pore-listed firm to secure US$75m in fresh funds by way of pre-payment for offtake deal for a mine in S Kalimantan
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Anita Gabriel
Singapore
INDONESIAN coal miner Geo Energy Resources has scored a hat trick with Australia's Macquarie Bank that will see the Singapore-listed firm secure US$75 million in fresh funds by way of a pre-payment for an offtake deal for a mine in South Kalimantan plus proposed equity investment alongside an undisclosed amount of a trade finance facility.
The latest news could stoke some rare excitement in the Singapore stock when it resumes trading on Friday. The banking arm of Australian-listed diversified financial group Macquarie will emerge as a new substantial shareholder in Geo Energy with a 5 per cent stake (in the enlarged capital) at 29 Singapore cents a piece - a 26 per cent premium over its last traded price of 23 Singapore cents last Friday prior to a trading halt since Monday pending the announcement.
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