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Addition information.
GSS O& G is mainly operated by PT Sarana GSS Trembul held by its subsidiary, GSS Energy Trembul Limited.
GSS sold 80% of GSS Energy Trembul Limited for USD $1
Just sharing. Please perform your own due diligence.
From latest annual report:
P.T. Sarana GSS Trembul
n the previous financial year, the Company&rsquo s subsidiary, GSS Energy Trembul Limited. (&ldquo GETL&rdquo ) and P.T. Sarana Pembangunan Jawa Tengah (&ldquo SPJT&rdquo ) incorporated a subsidiary, P.T. Sarana GSS Trembul (&ldquo PTSGT&rdquo ) in Indonesia with a registered and fully-paid up share capital of IDR2,520,000,000 (equivalent to $270,000). GETL holds 49% of the registered share capital of PTSGT. However, GETL provided financing for the remaining 51% shares held by SPJT. Additionally, based on the contractual arrangement entered between the Group and SPJT, the Group has majority seats on the Board of Directors and Commissioners of PTSGT, to control and direct the relevant activities of PTSGT. The Group is also fully responsible for daily operation of PTSGT including management, financing activities and human resources. The working capital of PTSGT will be financed by the Group in several tranches up to IDR210 billion (equivalent to $23 million) for a period of 3 years. The financing provided by the Group will be secured by 40% equity interest in PTSGT pledged by SPJT and the loan amount including interest charged will be mandatorily converted into a fixed number of new shares in PTSGT (&ldquo Mandatory Conversion Shares&rdquo ) upon completion of the 3 years commitment period. After the conversion, the Group will directly own 89% equity interest in PTSGT. Management have determined that the above arrangements allow the Group to control PTSGT and have effectively given the Group 89% economic interest in PTSGT since 2016. This is considered an in-substance current ownership interest of 89% and therefore the Group consolidates PTSGT as a subsidiary with an 11% interest attributed to non-controlling interest.
GSS O& G is mainly operated by PT Sarana GSS Trembul held by its subsidiary, GSS Energy Trembul Limited.
GSS sold 80% of GSS Energy Trembul Limited for USD $1
Just sharing. Please perform your own due diligence.
From latest annual report:
P.T. Sarana GSS Trembul
n the previous financial year, the Company&rsquo s subsidiary, GSS Energy Trembul Limited. (&ldquo GETL&rdquo ) and P.T. Sarana Pembangunan Jawa Tengah (&ldquo SPJT&rdquo ) incorporated a subsidiary, P.T. Sarana GSS Trembul (&ldquo PTSGT&rdquo ) in Indonesia with a registered and fully-paid up share capital of IDR2,520,000,000 (equivalent to $270,000). GETL holds 49% of the registered share capital of PTSGT. However, GETL provided financing for the remaining 51% shares held by SPJT. Additionally, based on the contractual arrangement entered between the Group and SPJT, the Group has majority seats on the Board of Directors and Commissioners of PTSGT, to control and direct the relevant activities of PTSGT. The Group is also fully responsible for daily operation of PTSGT including management, financing activities and human resources. The working capital of PTSGT will be financed by the Group in several tranches up to IDR210 billion (equivalent to $23 million) for a period of 3 years. The financing provided by the Group will be secured by 40% equity interest in PTSGT pledged by SPJT and the loan amount including interest charged will be mandatorily converted into a fixed number of new shares in PTSGT (&ldquo Mandatory Conversion Shares&rdquo ) upon completion of the 3 years commitment period. After the conversion, the Group will directly own 89% equity interest in PTSGT. Management have determined that the above arrangements allow the Group to control PTSGT and have effectively given the Group 89% economic interest in PTSGT since 2016. This is considered an in-substance current ownership interest of 89% and therefore the Group consolidates PTSGT as a subsidiary with an 11% interest attributed to non-controlling interest.
superstartup ( Date: 01-Dec-2019 11:49) Posted:
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GSS sold its O& G biz. Sold 80% of it at USD$1.
So not much oil (left 20% interest in the subsidiary, now associate.)
See 3Q 19 announcement:
" On 17 June 2019, the Company entered into a sale and purchase agreement with Oakhurst Investment Pte. Ltd. to dispose 80 Class A ordinary shares representing 80% of the issued and paid-up share capital in its wholly owned subsidiary, GSS Energy Trembul Limited (" GETL" ) (see announcement dated 18 June 2019). As at 30 September 2019, the investment in GETL is accounted as investment in associated company.
Following the disposal, the Group continues to be engaged in the precision engineering business (" PE" )." - No more mention of O& G business like in the past financial reporting.
See 18 Jun 19 announcement:
https://links.sgx.com/FileOpen/SGX-GSSEL-20190618_Disposal_of_subsidiary_GETL.ashx?App=Announcement& FileID=563782
So not much oil (left 20% interest in the subsidiary, now associate.)
See 3Q 19 announcement:
" On 17 June 2019, the Company entered into a sale and purchase agreement with Oakhurst Investment Pte. Ltd. to dispose 80 Class A ordinary shares representing 80% of the issued and paid-up share capital in its wholly owned subsidiary, GSS Energy Trembul Limited (" GETL" ) (see announcement dated 18 June 2019). As at 30 September 2019, the investment in GETL is accounted as investment in associated company.
Following the disposal, the Group continues to be engaged in the precision engineering business (" PE" )." - No more mention of O& G business like in the past financial reporting.
See 18 Jun 19 announcement:
https://links.sgx.com/FileOpen/SGX-GSSEL-20190618_Disposal_of_subsidiary_GETL.ashx?App=Announcement& FileID=563782
Sgvale ( Date: 29-Nov-2019 14:37) Posted:
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I guess next week oil price will be very well supported. Saudi Arabia is able to tweet & control in support of its Aramco IPO & trading..
That why coming week very interesting... huat ah
Sgvale ( Date: 01-Dec-2019 08:20) Posted:
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"Aramco IPO will begin on December 4 & trading December 11" Saudi Arabia & OPEC will have the tools to keep oil price high to make sure Aramco IPO subscription & trading a big bang @!@
Can it cross 9.3c today ?.....No news is good news!!
Sgvale ( Date: 27-Nov-2019 08:23) Posted:
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Trump said US & China close to agreement on first phase of trade deal. Crude Oil price overnight crossed US$58.
GSS Energy at an advanced stage of getting regulatory approvals to monetise the two proven wells. Hope announcement coming soon.
Today ran. After that it still hold strong. Good to enter now
ysh2006 ( Date: 25-Nov-2019 07:24) Posted:
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Good thanks for the info...will start monitoring !!🤔
UncoolChip5 ( Date: 24-Nov-2019 23:12) Posted:
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Watch another one that will run which is dyna mac
http://life-lee.blogspot.com/2019/11/investment-sharing-on-strategy-and.html?m=1
You can read here. A small part on gss, I believe based on chart it will run on Monday. I might sell on Monday depends on how fast it run.
ysh2006 ( Date: 24-Nov-2019 16:01) Posted:
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What price can consider out of danger zone ?
UncoolChip5 ( Date: 24-Nov-2019 05:40) Posted:
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https://www.nextinsight.net/story-archive-mainmenu-60/942-2019/12943-gss-energy-why-the-farm-in-oil-gas-deal-is-a-great-deal
After the run up following this news, it went down a lot. My take is big boys need to accumulate more. Now it has U turn from a recent down trend. Short term looks good. Long term unsure. When a long bar is form just sell
Coming. Aramco listing & Iran is raising petrol price..
Engine seems starting soon
Hmm....Can have a look on result to be released tis week...
Good Luck..
Good Luck..
The shorts are getting fried for this one. Watch for the short coverings later. Easily 0.11 by noon. Part 1
KN N missed the boat
Oil future jialat!