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 29 Apr 2009

Thailand’s PTT to wrap up Straits Asia acquisition

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Thailand's PTT International will make a mandatory conditional cash offer for all Singapore-listed coal miner Straits Asia shares, Reuters quoted the company as saying Wednesday.

The move comes after PTT completed the acquisition of 60 percent of Australia's Straits Resources' unit, Straits Bulk & Industrial Pty Ltd, which holds a stake in Straits Asia, as well as coal assets in Brunei and Madagascar, in a deal worth up to $335 million.

Straits Asia said JP Morgan will be conducting the mandatory cash offer on behalf of PTT International at a price of S$0.807 per share, valuing the company at around S$882 million.

Trading in Straits Asia's shares were halted on Tuesday pending the completion of the deal and last traded at S$1.09.













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