Ng is the brother of Charles Antonny Melati, executive chairman and CEO of Geo Energy. He held a minority shareholding in SBJ for the purposes of compliance with Indonesian law. Huang is the chairman and CEO of Geo Energy’s Indonesian office, and also a brother of Melati.
Geo Energy’s subsidiary has entered into a sale and purchase agreement to sell its shares in Sumber Bara Jaya (SBJ) for US$18 million ($23.03 million), according to a bourse filing on June 12.
Geo Energy holds 999 shares in SBJ, and two of its employees, Ng See Yong and Huang She Thong, each hold 1 minority share in the subsidiary. Geo Energy will also cease being a shareholder in Bumi Enggang Khatulistiwa (BEK), a subsidiary of SBJ.
