Straits Asia completes replacement to finance coalmine acquisition
Friday, October 5 2007 - 01:39 AM WIB
Singapore Exchange-listed coal mining firm Straits Asia Resources Limited announced on Friday to have conducted a placement of 94,485,000 new ordinary shares with net proceed of approximately US$99.8 million.
The company will use approximately US$75 million for acquisitions of certain coal assets and contracts in East Kalimantan from Vital Century Investment, Pacific Communication Corp and Mitsui Matsushima International Pty Ltd.
The balance will be allocated for general corporate purposes, the company said.
Straits, a unit of Australian mining firm Straits Resources Limited, is the 100 percent owner Sebuku coal mine in South Kalimantan. (alex)