GEMS is an Indonesian company listed on the IDX, and is in the business of mining and trading of energy coal from its concession in Indonesia.
Golden Energy and Resources (GEAR) has entered into a share purchase agreement (SPA) with Ascend Global Investment Fund SPC – ADSP (Ascend Global), where GEAR will sell 264.7 million shares, representing a 4.5% stake in PT Golden Energy Mines Tbk. (GEMS) for a consideration of US$50 million ($67.1 million).
Following the transaction, GEAR’s total shares in GEMS will decrease from 67% to 62.5%.
