Incorporated in Indonesia under the name PT Bumi Kencana Eka Sakti. The company is primarily engaged in coal mining and coal trading.
Milestones
GEAR TIMELINE
Obtained second concession, PT Kuansing Inti Makmur (“KIM”) in Jambi
GMR became a strategic shareholder and signed a 25-year coal off-take agreement
Completed statutory compliance placement on 9 December 2016
Entered into CSPA for 5th concession, PT. Barasentosa Lestari (“BSL”)
Maiden Interim Dividend paid out on 4 September 2017
Selective share capital reduction completed
Strategic alliance and capital injection of A$67.86million in Westgold Resources Limited (“Westgold”), Australia’s Top 10 gold producer listed on the ASX
Acquired 19.9% of Stanmore Coal Limited (“Stanmore”) – a Brisbane based metallurgical and thermal coal miner – and launched off-market takeover bid to acquire Stanmore
Secured term loan facility of A$150,000,000 with Credit Suisse AG, Singapore Branch
Obtained first time rating of B+ with positive outlook by Fitch Ratings and B1 with stable outlook by Moody’s Investor Service.
Maiden bond issuance of 9% US$150,000,000 Senior Secured Notes due 2023.
Completed acquisition of BSL
Off-market takeover bid concluded and with subsequent off-market block transaction, total stake in Stanmore increased to 28.42%
Divested interests in Westgold Resources Limited for profits
Second bond issuance of 8.5% US$285,000,000 Senior Secured Notes due 2026
Completion of Millennium and Mavis Downs Mine acquisition on 13 July 2021
Signed Share Purchase Agreement with BHP Minerals to acquire 80% interest in BHP Mitsui Coal
Acquisition of remaining stake (~20%) in GIAPL from ascend
Raised net proceeds of S$86.4 million with placement of 285 million new ordinary shares at S$0.305 each
Bond Retap of US$90M in addition to existing US$285M, 8.5% Senior Secured Notes due 2026
Fitch reaffirms GEAR’s credit rating at ‘B+’ and revise outlook on GEAR from Stable to Positive
Completion of Stanmore Resources Limited’s acquisition of 80% interest in BHP Mitsui Coal Pty Ltd (now known as Stanmore SMC Pty Ltd – “SMC”)
Executed definitive share sale agreement for Stanmore to acquire remaining 20% interest in SMC held by Mitsui & Co. (Australia) Ltd and Mitsui & Co., Ltd (together, “Mitsui”)
Stanmore completed acquisition of remaining 20% interest in SMC from Mitsui. SMC is now a wholly-owned subsidiary of Stanmore