Golden Energy and Resources (GEAR) has entered into a share purchase agreement (SPA) with Ascend Global Investment Fund SPC – ADSP (Ascend Global), where GEAR will sell 264.7 million shares, representing a 4.5% stake in PT Golden Energy Mines Tbk. (GEMS) for a consideration of US$50 million ($67.1 million).

Following the transaction, GEAR’s total shares in GEMS will decrease from 67% to 62.5%.

GEMS is an Indonesian company listed on the IDX, and is in the business of mining and trading of energy coal from its concession in Indonesia.

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