The price of the MTO is IDR1,305.50 (11 cents) per share and is expected to be completed within the next ten to 12 weeks. If the MTO is approved, Geo Energy’s equity stake in GEE could rise to 75%, and the total consideration for the MTO to rise to US$200 million.
Geo Energy Resources has completed the acquisition of 58.65% stake in Golden Eagle Energy (GEE), an Indonesian coal mining group listed on the Indonesia Stock Exchange, and 33% stake in Marga Bara Jaya (MBJ) with ready-for-development infrastructure.
Following the completion of the acquisition, the group will submit filings to the Indonesian Financial Services Authority within three business days and launch the Mandatory Tender Offer (MTO) upon approval.
