Geo Energy completes 51% maritime unit acquisition

Deal adds 275.2 million new Geo Energy shares

Geo Energy Resources Limited has completed its acquisition of a 51% stake in PT Trans Maritim Pratama and PT Bahari Segara Maritim, the company said in a filing on 8 January.

Following the issuance, the company’s total issued share capital increased from approximately 1.43 billion shares to 1.71 billion shares, excluding treasury shares.

As part of the consideration, Geo Energy issued 275.2 million new shares to the sellers on the completion date.

The consideration shares rank pari passu with existing shares and will be subject to a one-year lock-up period, during which sellers are prohibited from selling or transferring the shares without prior written consent from the company.

Approval in principle has been obtained from the Singapore Exchange Securities Trading Limited for the listing and quotation of the new shares, which are expected to commence trading on the SGX Main Board on 9 January.

The acquisition, first announced in August 2025 and approved by shareholders in November, was completed after all conditions under the conditional sale and purchase agreements were satisfied.

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