Jakarta June 16, 2014 – PT Golden Eagle Energy Tbk (SMMT or the Company) today held the Annual General Meeting of Shareholders (AGMS) to report the fiscal year ended December 31, 2013 annual financial report has been received well and get confirmation and agreement AGMS. At the same time also held Extraordinary General Meeting of Shareholders (EGMS).
EGMS decided the Company to distribute bonus shares with the ratio 2: 5 with a nominal value of Rp 125 per share until the strands of shares outstanding will increase from 900 million to 3.15 billion shares, or three billion one hundred fifty million shares. EGMS also agree to the change the use of funds from right issue where Rp 50 billion will be allocated for capital expenditure PT Triaryani (TRA) will now be diverted to the development of the Company will be exploring opportunities for acquisition efforts in the field of child mining, trading or trade coal and mining support services.
Hendra Surya, President Director of the Company describes the Company’s future plans regarding the opportunities for expansion. “When the coal industry is slowing down like today, this is a good time to be more aggressive in acquisitions, yet the Company will remain selective” said Hendra. Furthermore, Hendra said, the Company’s plans for expansion will continue to consider the status of permits, the size of reserves, coal quality, and the location of the coal concession acquisition target.
The Company’s good performance during the year 2013 was followed by the increase of share price on market and stabilizes in the fourth quarter of 2013 and closed at a price Rp 5.900 per share at the end of 2013. The increase of shares price is also supported by trade volume which is reach to 278.91 million shares during the year of 2013.
The Company increased the production volume in 2013 to 1.064 million tons or increased 18% compared to the production volume in 2012 amounted to 902 thousand ton. For market share, China dominates 90% of the Company’s market share, the remaining 10% is absorbed by domestic market.