Geo Energy Resources (SGX:RE4) entered into a non-binding MOU with its key shareholder Resources Invest for an investment of $50 million to $100 million in subsidiary MBJ Integrated Infrastructure, according to a Monday filing with the Singapore Exchange.
Following the investment, MBJ's valuation will exceed $1.5 billion once at full capacity.
The investment is slated to be concluded by the end of the year. ResInvest had previously invested over $30 million in the company.
Meanwhile, MBJ has entered into two non-binding term sheets with PT Thriveni and PT Astaka Dodol for the usage of the infrastructure for volumes of 15 million tons of coal per annum and 10 million tons of coal per annum respectively.
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