JAKARTA (TheInsiderStories) – Publicly listed company, PT Golden Energy Mines Tbk (IDX: GEMS) avoid the potential delisting from Indonesia Stock Exchange (IDX) after the shareholders, Golden Energy and Resources Ltd., sold 4.5 percent shares to Ascend Global Investment Fund SPC. The transaction values reached Rp 718.67 billion (US$49.56 million).
The management said, the transaction was carried out on March 30. The company sold 264.7 million shares of the issuer at Rp2,715 per share. After the transaction, the energy firm’ public shares became 7.5 percent from intially 3 percent.
The opening of the suspension of share transaction is very important for Golden Energy and Resources. This is because the unit of Sinar Mas Group’ bonds and bank loans are guaranteed part by Golden Energy‘ shares. The IDX have been suspended the trading of the company stocks since Jan. 31, 2018.
The Singapore-based company have been get approval from the shareholders to amend the terms and conditions of the global notes of Golden Energy and Resources worth of $150 million maturing in 2023. Ascend Global have partnered with Golden Energy and Resources to form a joint venture, Golden Investments (Australia) Pte Ltd.
The new unit is the parent company of Stanmore Coal Ltd. This year, the Sinar Mas Group‘ subsidiary is preparing to be more aggressive in investing in overseas gold mining businesses. The company intends to increase investment worth A$75 million ($57.25 million) in Australian gold mines, Ravenwood Gold Group Pty. Ltd.
This investment will add to the initial investment which was previously valued at A$70 million. The Ravenswood gold mine has been operating and producing 54,000 ounces of gold as of 2019. This mine is recorded to have 3.74 million ounces of gold resources and 2.60 million ounces of total gold reserves.
Golden Energy Mines is engaged in trading of mining products and mining services. On March 13, 1997 the company was established under the name PT Bumi Kencana Eka Sakti which later changed its name to Golden Energy Mines on November 16, 2010. On Nov. 17, 2011, the issuer became a public company and listed on the main board of the IDX and raised Rp2.21 trillion.
The management has emphasized that it would not change its business strategy in the middle of pandemic. The management is still focused to achieve this year’ coal production target of 27.2 million tons (MT) of coal. The targets below the 2019′ realization which reached 30.8 MT of coal.
Golden Energy is engaged in the business of trading sector of mining products and services. On March 13, 1997 the company was established under the name of PT Bumi Kencana Eka Sakti, which was later changed to Golden Energy Mines on Nov. 16, 2010.
On Nov. 12, 2011, the miner became a public company and was listed on the main board of IDX. Through the Initial Public Offering (IPO), the unit of Sinar Mas was able to collect funds amounting to Rp2.21 trillion ($156.74 million).
In that IPO, GMR Coal Resources, which is a subsidiary of the GMR Group, a leading infrastructure business group in India, became the company’s strategic investor by having 30 percent shares of the total issued and paid-up capital by the company.
On April 20, 2015, a power producer, PT Dian Swastatika Sentosa Tbk (IDX: DSSA) has transferred 66,99 percent of its share to Golden Energy and Resources Ltd. The company is engaged in exploration, mining, and marketing of coal and owns forestry concession rights in South Kalimantan. Beside the Singapore’ company, other shares owned by GMR Coal Resources Pte. Ltd., 30 percent, and public 3.01 percent.
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