Geo Energy Coal Business Take Over Signals Optimism Amid Grim Prospect

By Editorial Team 23/10/2023
geo energy
Summary

PT Geo Energy Investama completed the purchase of PT Golden Eagle Energy Tbk (SMMT) shares from PT Mutiara Timur Pratama. Geo Energy took over 1.84 billion shares, equal to 58.65 percent of Golden Eagle Energy's ownership, for Rp 2.41 trillion. In the disclosure of information from the Indonesia Stock Exchange (IDX), Geo Energy Investama said the takeover of SMMT shares was to expand its market in the coal industry.

Geo Energy Director Idres said that with the completion of this transaction process, the controlling shareholder of SMMT changed from Mutiara Timur Pratama to Geo Energy Investama. Geo Energy Group is a coal mining group established in 2008 with offices in Singapore and Jakarta, with production operations in Kalimantan. Geo Energy was originally a coal mining service provider company and shifted its business to become a coal producer that executes coal mining operations.

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