Geo Energy to acquire 51% stake in two Indonesian shipping firms

The group said it will complement its integrated infrastructure activities.

Geo Energy Resources is planning to acquire a 51% stake in two Indonesian shipping companies specialising in commodities logistics for $163.8m (US$127.5m).

The two shipping companies are PT Trans Maritim Pratama and PT Bahari Segara Maritim, jointly owning 27 tugboats and 27 barges with capacities ranging from 5,000 tonnes to 10,000 tonnes.

The group said it will complement its integrated infrastructure activities, enhance service offerings and expand its customer base in Indonesia.

Geo Energy will pay for the stakes by issuing 275 million shares worth $110.5m (US$86m), a 13% premium above the three-month volume weighted average price.

The company will also pay $30m (US$23.5m) in cash, and an assignment of receivables worth $23.1m (US$18m).

($1=US$0.77)

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia