Geo Energy Resources Limited Acquires Indonesian Shipping Companies TMP and BSM to Enhance Logistics and Drive Growth
Reuters
Aug 28
Geo Energy Resources Limited Acquires Indonesian Shipping Companies TMP and BSM to Enhance Logistics and Drive Growth
Geo Energy Resources Limited has announced its proposed acquisition of two established Indonesian shipping companies, PT Trans Maritim Pratama $(TMP)$ and PT Bahari Segara Maritim $(BSM)$. This strategic move is aimed at enhancing Geo Energy's business model by diversifying its revenue streams towards logistics and infrastructure services within Indonesia's energy and commodities market. TMP and BSM specialize in logistics for commodities such as coal, owning a fleet of 541 vessels, including 27 tugboats and 27 barges. The acquisition is expected to strengthen Geo Energy's vertical integration and secure vital logistics, driving sustainable growth. The transaction is set to expand the Group's asset base and customer reach across various commodities-related markets in Indonesia.
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