The conditional sale represents a recovery of approximately 67% of the remaining unrepaid and outstanding receivables of US$26.85 million.
Geo Energy Resources announces cash proceeds and gain of US$18 million ($24.4 million), which will contribute to its cash position for the FY2024 after it signed a sale and purchase agreement to sell certain creditors rights to funds managed by OCP Asia.
The group says that these creditors’ rights relate to fully provided outstanding receivables from Titan Infra Energy and Jaya Utama Indonesia.
