(EnergyAsia, August 29 2012, Wednesday) — PTT Mining Limited, a wholly owned subsidiary of Thai energy firm PTT International Company Limited, said it has offered to acquire the remaining 54.73% stake in Singapore-based Sakari Resources Limited that it does not own for S$1.2 billion. (US$1=S$1.25).
At S$1.90 a share, the offer represents a 27.5% premium over last Friday’s traded price of Sakari Resources which produces and markets thermal coal on Sebuku Island in the southern and eastern part of Indonesia’s Kalimantan provinces. The offer values the company at S$2.2 billion.
In a statement, Sakari, which is now worth S$2.2 billion based on the offer price, said:
“Coal represents an important long-term diversification strategy and growth opportunity for PTT Public Company Limited, which already controls, through PTT Asia Pacific Mining Pty Ltd (PTTAPM), approximately 45.27% of Sakari Resources.
“PTT Mining’s offer is in line with the PTT International’s strategy to increase its presence in the minerals and energy sector and further diversify its resource base and income streams. If completed, the offer will strengthen PTT International’s platform for growth in the Indonesian coal sector.
Chitrapongse Kwangsukstith, PTT International chairman, said:
“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.”