Singapore: Geo Energy to buy entire stake in Borneo International Resources

Image from Geo Energy's website.

By Chalida Ekvitthayavechnukul

December 28, 2015

Singapore SGX Mainboard-listed coal mining group Geo Energy Resources Ltd has entered into an agreement to acquire the remaining 34 per cent shareholding interest in Borneo International Resources from British Virgin Island’s holding company Optimum Source Ltd for $25 million.

Borneo International Resources holds an equity interest of 98.96 per cent in PT Sungai Danau Jaya, which is the holder of coal mining concession in South Kalimantan, Indonesia.

As a result of this acquisition, Geo Energy will also own the entirety of this interest, which gives it greater effective control over the business operations and increased coal production levels.

The source of funds for this deal will come from internal resources including cash, cash equivalents and shares, according to Geo Energy’s statement to Singapore Exchange.

It will pay $3.5 million by its ordinary shares at the price of S$0.18 each, and the majority $21.5 million by cash and cash equivalent within the end of next year.

Also Read: Singapore: Sincap to raise S$5.5m by placing out new shares to expand coal trading subsidiary

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Singapore Reporter/s

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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