Charles Antonny Melati, executive chairman and CEO of Geo Energy says: “The completion of the first tranche of sale shares in March 2024, followed by the ahead-of-schedule completion of the second tranche in December 2024, underscores the tremendous value we have created and the vast growth potential of Geo Energy. ResInvest’s belief in our strategic direction bolsters our confidence and commitment to delivering even greater value to our shareholders, propelling us closer to becoming one of Indonesia’s leading coal producers.”
ResInvest now holds a 6.8% stake in Geo Energy and remain a substantial shareholder.
“With ResInvest already our anchor investor, and potentially with more investment in the future, along with the anticipated completion of our world-class Integrated Infrastructure by 2026, Geo Energy is firmly on track to realising our vision of becoming a billion-dollar energy group,” adds Melati.
To recap, in February, ResInvest announced that it intends to invest US$35 million to acquire at least 5.5% equity stake in Geo Energy by Mar 31, 2026. Such equity investment includes purchasing US$10 million of the Geo Energy’s treasury shares in two equal tranches at the placement prices of 45 cents per share (completed in March) and 50 cents per share (to be completed ahead of schedule on Dec 27 instead of February 2025).
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Shares in Geo Energy closed at 29 cents on Dec 23.
