Singapore Exchange (SGX) today welcomed Golden Energy and Resources Limited (GEAR) to Mainboard under the stock code AUE.
Backed by the Sinar Mas Group, one of Indonesia’s largest conglomerates, GEAR collectively owns the rights to mine more than 2 billion tonnes of thermal coal resources, with coal reserves of more than 750 million tonnes, as at 31 October 2016.
Dwi Suseno
Dwi Suseno, Executive Director and Deputy Group CEO of Golden Energy and Resources Limited, commented:
We are encouraged by the positive outlook of the coal market. Indonesian President Joko Widodo’s 35GW program to provide additional power capacity will drive domestic demand further. We have continued to ramp up our coal production to ride on the strong demand for coal. GEAR recently received approval from the Indonesian Government to raise coal production from its BIB concession area to 7.5 million tonnes per annum, and subject to demand and government approval, to further increase production output of BIB to 12.0 million tonnes in 2017. These developments bode well for GEAR.
Chew Sutat, Head of Equities and Fixed Income, SGX, added:
We are delighted to welcome the listing of Golden Energy and Resources, which will become the largest coal mining company listed on Singapore Exchange, by market capitalization. This listing will not only offer investors an opportunity to capture opportunities in Indonesia’s coal mining sector, but also bolster SGX’s Mineral, Oil and Gas cluster.
With a market capitalization of S$1.6 billion at listing, GEAR brings the total number of SGX-listed companies in the Mineral, Oil and Gas sector to 26, with combined market capitalisation of S$3.6 billion.