Hot stock: Golden Energy trades below placement price on debut
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
SHARES of Golden Energy and Resources, which is backed by Indonesia's Sinar Mas Group, on Monday traded below their placement price on the first day of trading as a new entity.
The mainboard listing was trading at S$0.66 as at 2.49pm, one cent below its placement price of S$0.67 apiece.
The company, formerly known as United Fiber System, had said in September it would acquire a coal exploration and processing business in Indonesia for US$37.2 million.
With the acquisition, the company now collectively owns the rights to mine more than two billion tonnes of thermal coal resources, with coal reserves of more than 750 million tonnes, as at Oct 31, 2016, said a press release by the Singapore Exchange.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
