SMMT EGMS Set New Board Of Directors & Commissioners

The commissioners and directors of PT Golden Eagle Energy Tbk (SMMT). (Didi Kurniawan / VOI)

JAKARTA - The Extraordinary General Meeting of Shareholders (EGMS) of PT Golden Eagle Energy Tbk (SMMT) today has determined the company's new directors & commissioners after the resignation of the Company's board of directors and commissioners after the transfer and changes of the Company's controlling shareholder.

PT Geo Energy Investama is the controlling shareholder of the Company after completing the SMMT share purchase transaction from PT Mutiara Timur Pratama on October 18, 2023.

The EGMS based on the most votes approved the resignation from:

- Rizki Indra Kusuma as President Commissioner- Erwin Sudjono as Independent Commissioner- Roza Permana Putra as President Director- Iwan as Director.

And thank you for the dedication that has been given so far while at the same time giving the acquisition et the charge for the management and supervision actions that have been carried out.

The EGMS also approved the appointment of the Board of Directors & Commissioners only starting from the closing of the EGMS as follows:

- President Commissioner: Ng See Yong- Commissioner: Yanto Melati- Independent Commissioner: Richard Ong

- President Director: Budi Susanto- Director: Yuliana- Director: Denny Kusmayadi

The EGMS also approved the affirmation of the Company's controller, namely PT Geo Energi Investama and changes to the Company's Articles of Association.

Business Prospects

Budi Susanto said, until the third quarter of 2023, the Company managed to increase net sales to Rp771.50 billion, an increase of 8 percent from the same period the previous year, but net profit fell 42 percent to Rp177.53 billion.

"Which is partly due to the decline in coal commodity prices compared to the same period the previous year," he explained, Wednesday, November 15.

Budi further said that after the takeover of controlling shares by PT Geo Energy Investama, the Company is optimistic about the company's business development in the future.

PT Geo Energy Investama itself is a company that has qualified in the field of coal mining, which currently has 4 concessions in South Kalimantan and East Kalimantan with production achievements of up to 10 million MT per year," he concluded.

PT Geo Energy Investama is a subsidiary of Geo Energy Resources Limited which has been on Singapore's Stock Exchange since 2012.