PT Geo Energy Investama made a mandatory offer to acquire 16.35% stake in PT Golden Eagle Energy Tbk (IDX:SMMT) for IDR 650 billion on July 26, 2023. Under the terms the offer price is IDR 1255 per share. PT Geo Energy intends to finance the acquisition with internal cash resources and external financing, such as bank loans, where required. As on October 18, 2023, the offer price is IDR 1,305.50 per share. The offer is expected to be completed within the next 10 to 12 weeks, subject to the approval from the Indonesian Financial Services Authority. The offer period will be from November 23, 2023 to December 22, 2023. Biro Administrasi Efek acted as the registrar for PT Golden Eagle Energy. PT CGS-CIMB Sekuritas Indonesia acted as financial advisor for PT Geo Energy Investama.

PT Geo Energy Investama Completed the acquisition of 14.46% stake in PT Golden Eagle Energy Tbk (IDX:SMMT) for IDR 590 billion on December 27, 2023.