Indonesian miner Geo Energy Resources is to buy 51% stakes in two local shipping firms – Trans Maritim Pratama (TMP) and Bahari Segara Maritim (BSM) – which combined own 27 tugboats and 27 barges, which will be used to ship coal. 

The total cost for the two acquisitions comes in at $127.5m, and is pursuant to shareholder approval. Financing for the acquisition will come from the company’s own resources as well as the issuance of new shares. 

Singapore-listed Geo Energy owns four mining concessions through its subsidiaries in Kalimantan, as well as in South Sumatra. The group also owns a 49% equity stake in Internasional Prima Coal in Kalimantan.