Geo Energy Resources (SGX:RE4) has entered into a conditional shares sale and purchase agreement to acquire an additional 15% stake in PT Triaryani for $40,8 million.
Upon completion, the company's effective interest in Triaryani will increase to around 75.07%, according to a filing with the Singapore Exchange on Friday.
Triaryani's coal mine consists of coal reserves that boast low sulfur and low ash content, which command a premium above the coal market index price, the filing said.
Shares of the coal mines operator were up over 3% in recent trading.
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