Under a deal first announced last November, GEAR has announced a plan do a distribution-in-specie of its shares in its 62.5%-owned, Jakarta-listed Golden Energy Mines to its shareholders.
Coal and gold miner Golden Energy and Resources, which is being privatized by its controlling shareholders, has reported FY2022 earnings of US$771 million, up 522.4% over the preceding year ended Dec 2021.
Revenue in the same period was up 199.7% to US$5.6 billion, led by higher selling prices of coal.
