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Golden Energy Target Acquisition 2 Colliery In 2017

Jakarta (Benchmark News) – Issuers of Sinarmas group, PT Golden Energy Miners Tbk. aiming for the acquisition of two coal mining company in the first half of 2017.

Fuganto Widjaja, President of Golden Energy Mines, said it plans acquisitions in 2017 is the continuation of target capture five mining company until 2018. This year the company has acquired 100% shares of PT Era Aligned Partners valued at US $37 million.

“One company has already acquired, next year we announce two more,” he said.

Two of the mining company will be acquired to have reserves of more than 100 million tons of coal. Backup that’s higher than the Era of Partner Alignment which has 68 million tons of coal.

The Fund’s acquisition of two companies mine it will be taken from the internal cash, not included in capital expenditures (capex/capital expenditure). The company will not be vying for a new loan for the acquisition.

Issuers of shares of such GEMS, codenamed keep conservative way for expansion in the year ahead. Target acquisition can grow longer if the two companies have got the deal with the seller.

The process of the acquisition of two companies mine would have entered the final stage, stayed pending approval, legal, and administrative. The plan, acquisition process will be announced in the quarter I and II next year.

The acquisition of the company diproyeksi replenishes coal company which has now reached more than 800 million tons. The company has acquired the complete infrastructure, so that has to be continued with exploration stage.

Meanwhile, the company-owned mining Tycoon Eka Tjipta Widjaja took aim at the target production of 12 million tons in next year. Until the quarter III/2016, the company has been producing 7.5 million tonnes of coal and targeted can reach 10 million tons until the end of 2016.

Began to rise the price of coal into optimism for management of GEMS. The company is aiming for a target of sales growth of up to 25%-30% in 2017, and performance until the end of the year is estimated to be much higher than the target.

Coal sales GEMS proportional between domestic and export. The portion of the contract and the spot market as well balanced on the figure of 50%. Management of the GEMS have been venturing into new export markets of South Korea, Spain, the Philippines and Viet Nam.

The company absorbs new capital expenditures of about $3 million for the care of a total budget of US $15 million. Until the end of the year, capital expenditure diproyeksi absorption reached only US $4 million.

General meeting of shareholders (EGM) outstanding by the company late last week decided to overhaul its Board of Directors and Commissioners. Three Board of Directors and one Commissioner resigned. “New directors and Commissioners will be effective starting on January 1, 2017.0″ said Fuganto.

Composition of the Board of Commissioners of the company’s new Chairman s. Lay Krisnan Judy, Vice President Commissioner, Avinash Ramakant Shah, Fuganto Widjaja, Commissioner independent Commissioner Ketut Sanjaya, Bambang Setiawan, independent Commissioner and independent Commissioner Irwandy Arif.

As for the new Board of Directors, including the President Director Boniface, Vice President Director Biddala Chenna Kesava Reddy, Director r. Utoro, Director Kumar Krishnan, Director Adam Director, and Independent Suhadi Leonard Fedrik Sundarto….(Red)

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