28 Jul 2023
ABNR Acts for Geo Energy on Acquisition of Indonesian Coal Interests from Rajawali Group
We would like to congratulate our client, Singapore-Indonesian coal producer Geo Energy Group, on the signing of the conditional share sale and purchase agreements (CSPA) for their acquisition (through subsidiary PT Geo Energy Investama) of (i) a controlling interest in Rajawali Group subsidiary PT Golden Eagle Energy Tbk (GEE), an Indonesia Stock Exchange (IDX)-listed coal mining group; and (ii) a minority interest in Rajawali Group subsidiary PT Marga Bara Jaya (MBJ), which offers ready-to-develop integrated infrastructure to support and drive GEE’s future coal production.
The CSPAs for the two transactions, which are subject to the fulfillment of a number of conditions precedent, were signed on Wednesday (26 July), with the aggregate consideration for the acquisitions being in excess of USD 200 million.
ABNR counsel that advised Geo Energy on the transactions comprised partner Ms. Rita Taufik; senior associates Mr. Novario Hutagalung and Ms. Kartika Budianti; and associates Ms. Jaime Angelique, Ms. Regina Cinda, Ms. Diva Nabila, and Mr. Mohammad Afif.