ASEAN KEY DESTINATIONS
PTT acquiring Australian coal miner
Under the deal, PTT Mining Ltd (PTTML), a wholly owned subsidiary of the group's investment arm PTT International, has agreed to pay SRL shareholders A$1.72 a share or about A$544 million (16.2 billion baht).
PTT will provide financial support to PTTML.
The deal is in line with PTT's long-term strategy of raising its exposure to high-quality coal assets with good growth prospects.
Mr. Tevin said that since SRL was involved in both metals and coal, the agreement signed with SRL was to acquire 100 percent of the shares after SRL demerges its metal assets from its coal assets.
SRL will call a shareholders' meeting in next year's first quarter to seek approval for the demerger and acquisition schemes.
Afterward, PTTML will obtain SRL's coal assets comprising A$50 million in cash and a 40 percent interest in PTT Asia Pacific Mining Pty (PTTAPM).
PTTAPM's assets include a 45.6 percent stake in Singapore-listed Straits Asia Resources Ltd, a 35 percent interest in a joint venture with Far East Energy Corporation Pty Ltd and a 33.5 percent shareholding in certain coal deposits in Madagascar's Sakoa coal basin.
Shares of PTT closed yesterday on the Stock Exchange of Thailand at 333 baht, down four baht, in heavy trade worth 1.7 billion baht.
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