Geo Energy Resources:
Coal producer Geo Energy Resources has acquired a majority stake in two South Sumatra coal mines for US$25 million. The company will pay for the acquisition with its existing cash, comprising US$2.5 million for a refundable deposit payable upon execution of the purchase agreement, and US$22.5 million once the deal is completed, it said. The counter closed flat at 14.8 Singapore cents on Friday.
by another lender to the joint venture. POSH had announced that the 50 per cent-owned joint venture POSH Terasea was in default on a US$27.6 million loan as at Sept 17. Following its filing to the Singapore Exchange on Sept 19, a second lender to POSH Terasea has declared that an event of cross default has occurred, said POSH in a regulatory filing on Sept 21.