Geo Energy Resources Divests Loss-Making Indonesian Mining Assets

MT Newswires

06-13

Geo Energy Resources (SGX:RE4) is divesting Sumber Bara Jaya, its Indonesian subsidiary, by selling it to Wahana Batubara Nusantara, for $18 million, according to a Thursday filing with the Singapore Exchange.

Sumber Bara owns Bumi Enggang Khatulistiwa or BEK, holder of a production operations mining business license in Indonesia, according to a filing with the Singapore Exchange on Thursday.

BEK has incurred losses of over $600,000 since 2022 and is a non-core asset of the group.

After the proposed disposal, Sumber Bara Jaya and Bumi Enggang Khatulistiwa will not be part of the group, according to a filing with the Singapore Exchange on Thursday.

The disposal will allow the company to generate funds for operational use.

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