JAKARTA (Yosefardi) – Coal miner PT Golden Energy Mines Tbk (GEMS), part of Sinarmas Group, acquired PT Era Mitra Selaras and its subsidiaries from Glenfield Capital Inc. at value of US$37 million.
The conditional sale and purchase agreement was signed in August 4, 2016. GEMS will use its internal cash for the said acquisition.
The Company earlier said it mulled to acquire 2-5 mining companies in Kalimantan and Sumatera areas. GEMS is keen to acquire coal mining companies with low logistic costs.