PTT Mining extends S$1.2 billion offer to Sakari
Monday, August 27 2012 - 01:08 AM WIB
PTT Mining Limited, a wholly owned subsidiary of PTT International Company Limited., announced a voluntary conditional cash offer for Sakari Resources Limited as part of the company's program to strengthen platform for growth in Indonesian coal sector.
Through the offer, PTT Mining aims to increase its shareholding in Sakari Resources to a majority shareholding of over 50 percent.
Under the terms of the offer, PTT Mining is making an offer for all the shares in Sakari Resources that it does not already own at a price of S$1.90 per share, implying a market capitalization of S$2.2 billion for Sakari.
Sakari has Sebuku coal mine on Sebuku Island, South Kalimantan, and the Jembayan coal operation located in East Kalimantan, Indonesia.
PTT Public Company Limited (PTT) through PTT Asia Pacific Mining Pty Ltd ("PTTAPM") currently controls approximately 45.27 percent of Sakari.
"PTT International has been the largest shareholder in Sakari Resources since 2009 and the Company is a key platform for our expansion into coal. Through PTT Mining's offer, we are seeking majority control of Sakari Resources and enabling shareholders to take advantage of the highly attractive premium we have offered," Chitrapongse Kwangsukstith, Chairman of PTT International said.
Editing by Adianto P. Simamora