Geo Energy Resources shares jump on Marga Bara Jaya valuation
Updated
Updated · MarketWatch · May 11
Geo Energy Resources shares jump on Marga Bara Jaya valuation
4 articles · Updated · MarketWatch · May 11
The stock hit a record 68 Singapore cents before easing to a 4.1% gain after Resource Invest AG signed a binding term sheet valuing the South Sumatra unit at US$1.5 billion.
Geo said the investment amount is still being finalised, with an initial sum expected in the third quarter and the rest next year, as Marga Bara Jaya nears completion of its integrated infrastructure project.
The company said the valuation covers only Marga Bara Jaya, while Geo's market value was about US$860.1 million on Friday; its shares are now up roughly 51% this year.
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