In a bourse filing on Monday, the company says the proposed acquisition is in line with its business strategy to expand its business operations, geographical diversification, and increase its coal reserves and production levels.
SINGAPORE (Sept 23): Geo Energy Resources has entered into a conditional share purchase agreement to acquire PT Titan Global Energy (TGE), and an effective interest of 51% each in two producing mines, PT Bara Anugrah Sejahtera (BAS) and PT Banjarsari Pribumi (BP), for US$25 million ($34 million).
The proposed acquisition will see Geo Energy having access to and control over the mining operations and coal deposits located in South Sumatra – one of the three largest regions of Indonesian coal resources – and a diversification to higher calorific value coal reserves and production.
