Geo Energy Resources said it will acquire 51% stakes in PT Trans Maritim Pratama (TMP) and PT Bahari Segara Maritim (BSM) for about US$127.5 million. The consideration comprises about 275 million new Geo Energy shares at S$0.40 each (valued at ~US$86 million), US$23.5 million in cash and an assignment of receivables of IDR289.8 billion (about US$18 million).
The deal is classified as a major transaction and will require approval at an extraordinary general meeting. TMP and BSM are integrated shipping companies focused on commodity logistics in Indonesia with a combined fleet of 54 vessels — 27 tugboats and 27 barges — typically 270–330 feet long with 5,000–10,000-tonne barge capacities; the count includes units slated for delivery and becoming operational in FY2025.
Geo Energy said the purchase “will allow the Group to quickly build up the supporting fleet for the increased production at the Group’s PT Triaryani coal mine and operations at the Group’s PT Marga Bara Jaya jetty, improving delivery certainty for coal offtake and reducing transportation costs.”
Geo Energy Resources Ltd. founded in 2008 and listed on the SGX Mainboard in 2012. Operates coal assets in Kalimantan and South Sumatra. Owns 49% of PT Internasional Prima Coal in a joint venture with state-owned PT Bukit Asam. Holds 63.7% of PT Marga Bara Jaya, which is developing an integrated road-haulage project targeting 40–50 million tonnes per year to support the Triaryani mine. In 2024 signed a life-of-mine offtake for Triaryani coal with EP Resources alongside a US$20 million standby prepayment facility.