Shareholders Agreed That SMMT's Performance Increase

Shareholders Agreed That SMMT’s Performance Increase

Jakarta– PT Golden Eagle Energy Tbk (trading code SMMT), held the Annual and Extraordinary General Meeting (AGMS and EGMS) and the Annual Public Exposure today, Monday, June 3rd 2013 at Fourseasons Hotel, Jakarta.

The results of the EGMS which was attended by the Board of Commissioners, Board of Directors and the shareholders up tp 90% or quorum, approved the amendment of Article of Association Article 16 paragraph 6 related to role and responsibilities of the Board of Directors.

While the result of AGMS is that the shareholders approved the Company’s performance during 2012 which generated revenues worth Rp 24 billion or increased 152% compare to the year 2011 amounting to Rp 9,54 billion. SMMT also recorded higher profits and assets of the Company in 2012 as the impact of business transformation to mining business in the middle of this year.

Hendra Surya, President Director of SMMT describes the process of business transformation to mining business has made the Company owned coal assets with resources more than 400 million tons of coal and reserves more than 250 million tons of coal.

“The Company’s total assets in 2012 increased to Rp 480,18 billion from the year 2011 which amounted to Rp 184,96 billion” he said.

According to the plan, in current year PT Triaryani , SMMT’s subsidiary, will begin to operate and sell coal and is expected to reach capacity of 5,5 million tons per year within a period of three to four years ahead.

“Triaryani’s reserves still can be improved through additional exploration” Hendra added.

In the future, he added, the Company optimist that coal mining is still interesting to expand despite the current global coal price showing downward trend. “We will be exploring business alternatives that have synergies with existing business”, said him.

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