JAKARTA (TheInsiderStories) – To prevent delisting from the Indonesia Stock Exchange (IDX), the coal miner, PT Golden Energy Mines Tbk (IDX: GEMS) finally to releases a new shares to meet the free float obligation. The bourse has warned the issuer three times caused not fulfill the obligation have 50 million public shares ot 7.5 percent of enlarged capital and paid up capital.
The company planned to releases a maximum of 588.23 billion units or equivalent to 10 percent of the company’ share. According to the announcement, every 10 old shares will gets one new shares and will trade from Feb. 10 to 17, 2021.
The funds from the corporate action will used for working capital of the untis, PT Barasentosa Lestari and PT Borneo Indobara. Beside, Golden Energy also has standby loan from state lender, PT Bank Mandiri Tbk (IDX: BMRI), amounting to US$64.5 million.
The miner’ shares have been suspended since Jan. 30, 2018 because of the free float shares problem. And if do not immediately hold the obligation the company’ shares have the potential to be ‘expelled’ from the stock exchange in January 2021.
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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