JAKARTA. Golden Energy and Resources Ltd. (GEAR), a subsidiary of Golden Investment Pte Ltd owned by Sinarmas Group, increased its stake in Stanmore Coal Ltd by 2.93% with a capital of AU$ 6 million.
With the investment, GEAR's ownership in Stanmore Coal rose from 28.42% to 31.35%. Pauline Lee, Corporate Secretary of GEAR, said that the company purchased 7.5 million of Stanmore Coal's shares.
In the disclosure on the Singapore Stock Exchange, Lee said that the additional shares allowed GEAR to optimize Stanmore Coal's operations and resources.
"This strategy is also consistent with the company's [GEAR] investment at Stanmore Coal," Lee explained. (KR/AR)