Lenny Limanto, a substantial shareholder of Geo Energy Resources, saw a significant cut in her stake in the coal miner. On Jan 27, Cheng Xin Investment, which holds Limanto’s stake, sold 20 million shares for $7.14 million, which works out to an average price of 35.7 cents for each unit.
On Feb 18, Cheng Xin Investment sold another tranche of nearly 11.6 million shares for $4.64 million. The price works out to around 40.1 cents for each unit. With the sales, Limanto’s deemed stake has been cut from nearly 123.8 million shares or 8.79% to just over 92.2 million shares or 6.55%.
In contrast, Geo Energy on Dec 15, 2021, started a share buyback programme as a buoyant coal market flushed its balance sheet with cash. The most recent purchase was on Jan 20 when the company bought back 100,000 shares at 33 cents each, bringing the total number of shares bought back to 11.9 million units.