Geo Energy Resources Limited has answered questions from the Securities Investors Association (Singapore) and minority shareholders regarding its planned purchase of a 51 per cent stake in PT Trans Maritim Pratama and PT Bahari Segara Maritim. The company will seek shareholder approval for the transaction at an extraordinary general meeting scheduled for Nov, 26 2025.

The proposed consideration totals about 172 million Singapore dollars, comprising 275.2 million new Geo Energy shares priced at S$0.40 each (approximately 116 million Singapore dollars), a cash payment of roughly 31.8 million Singapore dollars and an assignment of receivables valued at about 24.3 million Singapore dollars.

The two Indonesian targets operate 24 tugs and 24 barges, with six additional vessels due by end-FY2025. Their aggregate net asset value attributable to the 51 per cent stake is about 18 million Singapore dollars.

Independent valuer AVA Associates placed the 100 per cent equity value of the target companies at about 385 million Singapore dollars, while a sensitivity analysis set a valuation range of roughly 322 million to 447 million Singapore dollars. Geo Energy said senior management led the negotiations and that executive chairman Charles Antonny Melati, who is among the vendors, abstained from discussions and voting.

The board added that the acquisition is expected to secure captive logistics revenue of 295 million to 375 million Singapore dollars annually once the Group’s PT Triaryani mine and PT Marga Bara Jaya infrastructure ramp up from the second half of 2026.

PrimePartners Corporate Finance is acting as independent financial adviser; both the adviser and the valuer were appointed after a shortlist of three candidates and in consultation with the independent directors, the company said.