COAL producer Geo Energy Resources said in a regulatory filing on Tuesday that one of its mining subsidiaries has been 'encouraged to pursue a listing' on the Indonesian Stock Exchange (IDX). Read more at The Business Times.
COAL producer Geo Energy Resources said in a regulatory filing on Tuesday that one of its mining subsidiaries has been"encouraged to pursue a listing" on the Indonesian Stock Exchange .
This follows amendments made to the Indonesian mining law, which aims to allow miners to extend permits through a more streamlined process. The amended law also specifies the divestment obligations for foreign investments and allows the transfer of mining interests subject to certain conditions. "One of our company’s goals is to widen our investor base to benefit from exposure to a wider range of retail and institutional investors, as well as further enhance our corporate profile as it seeks to further expand our business. Although it remains unclear if the divestment requirements per the amended mining law apply to us or not, we believe there is merit to consider an IDX listing for one of our mining subsidiaries," said the company.
As part of its liability management and restructuring of capital structure, it has reduced its annual interest costs by US$13.4 million and net debt as at May 31, 2020 to US$52.6 million, to be repaid in less than two and a half years on Oct 4, 2022, should it be subjected to divestment requirements.
Meanwhile, it is seeking alternative methods of growth, including joint ventures and production sharing opportunities, saying that the relaxation of mining rights under the amended mining law would increase its flexibility of future M&A transactions.
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