PT Golden Energy Mines Tbk (GEMS), listed coal miner from Sinarmas Group, is currently exploring acquisition of two to five new mining companies in Kalimantan and Sumatera areas. As of now the company has cash amounting to US$ 40 million and loan of US$ 40 million from PT Bank Mega Tbk (MEGA) hence adequate for reserved acquisition fund.
Meanwhile the company’s debt to equity (D/E) ratio is only 0.2 times.
Golden Energy’s director said that acquisition move is being studied considering logistics cost of coal companies being targeted is deemed low. Acquisition is also done to maintain Golden Energy’s coal reserve.
Therefore, the company targets companies to be acquired to have a minimum capacity of 20 million tons of coal. (*)
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