PT Golden Energy Mines (IDX: GEMS) plans to conduct right issue to increase the public ownership at the Indonesia Stock Exchange (IDX), said the management last week - Photo by the Company

JAKARTA (TheInsiderStories) – Indonesian miner, PT Golden Energy Mines (IDX: GEMS) plans to conduct right issue to increase the public ownership at the Indonesia Stock Exchange (IDX), said the management last week. Currently, the company shares is only 3 percent at the stock market.

According to IDX policy, each issuer is required public ownerships minimum 7.5 percent or at least of 50 million share. The authority has been suspended GEMS share since Jan, 2018 caused not meet the rule.

Currently, majority of Golden Energy‘ shares owned by Resources Limited 66.99 percent and GMR Coal Resources Pte. Ltd., 30 percent. According to president director, Bonafasius, the miner is still waiting for conducive market and sees 2020 will be the right time.

“We will input right issue agenda in next year’s shareholder meeting,” he said last week.

This year, Golden Energy targeted the production around 23 million ton (MT) of coal and sales of 25 MT of coal supporting by capital expenditure of US$33.18 million. The company plans to build infrastructure in mining area of its unit PT Borneo Indobara in South Kalimantan.

In the first half of 2019 the miner net profit rose by 11.73 percent to $321.01 million compared to previous year. While, the revenues increasing 2.27 percent to $491.64 million.

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 Group was able to collect funds amounting to Rp2.21 trillion.

In that IPO, GMR Coal Resources, which is a subsidiary of GMR Group, a leading infrastructure business group in India, became the company strategic investor by having 30 percent shares from the total issued and paid-up capital by company.

On April 20, 2015, a power producer, PT Dian Swastatika Sentosa Tbk (IDX: DSSA) has transferred 66.9998 percent of its share to Golden Energy and Resources Limited, a company domiciled in Singapore. The company engaged in the exploration, mining, and marketing of coal and owns forestry concession rights in South Kalimantan.

US$1: Rp14,000

Written by Staff Editor, Email: theinsiderstories@gmail.com