SINGAPORE (July 1): Heah Theare Haw, a substantial shareholder of Geo Energy Resources, has bought more shares on the open market on June 21. The Singapore Exchange filing dated June 24 shows Heah bought two million shares at 15.3 cents each.
Heah purchased the shares when the stock was trading at a 52-week low, following an announcement made by the group on June 13 declaring a flood emergency status for 14 days from June 10 to 23 at its Indonesian mine owned by its subsidiary Tanah Bumbu Resources. The flood was said to have affected the production and delivery of coal.
In a subsequent announcement, the company noted that the weather condition had since improved and as at June 21, normal production and delivery of coal had resumed.
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