PT Radhika Jananta Raya entered into definitive agreement to acquire 30% stake in PT Golden Energy Mines Tbk (IDX:GEMS) from GMR Coal Resources Pte. Ltd. for $420 million on August 31, 2022. As per the transaction, GMR Coal Resources Pte.

Ltd. will also receive a deferred consideration based on mutually agreed milestones. The is subject to the fulfilment of certain conditions precedent, including a pproval from the General Meeting of Shareholders and the Board of Commissioners of PT RJR, and PT AMB and expected to complete within 75 days from the agreement. As of September 8, 2022, Golden Energy and Resources feels the acquisition is not in line with broader strategy.