SINGAPORE (Nov 28): Phillip Securities Research is keeping its positive stance on coal producer Geo Energy Resources on the back of an improving war chest amid robust production.
The brokerage is keeping its “buy” call on Geo Energy with an unchanged target price of 44 cents.
The group in early October issued a new senior note with aggregate principal amount of US$300 million ($404 million). The proceeds were used to partially redeem the $100 million medium term notes due in Jan 2018, as well as repay advances from Engelhart Commodities Trading Partners (Singapore).
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