When someone shares with you something of value, you have an obligation to share it with others.
Tuesday 24 March 2009
Thailand’s PTT in bid for Straits Asia
Thai energy group PTT Public Company - the company that evolved from the privatisation of the Petroleum Authority of Thailand - is looking to acquire Straits Asia Resources.
Thai energy group PTT Public Company - the company that evolved from the privatisation of the Petroleum Authority of Thailand - is looking to acquire Straits Asia Resources.
A pre-conditional mandatory cash offer unveiled yesterday said that the offer will be at 80.7 cents a share. This will value Straits Asia Resources at some $880 million.
News of the offer followed an announcement yesterday that PTT Public Company - through Hong Kong-incorporated Lints Ltd - has struck a conditional deal to buy 60 per cent of Australia-incorporated Straits Bulk and Industrial Pty Ltd (SBI) for up to US$335 million. PTT Public Company owns Lints through PPT International.
SBI, which is wholly owned by Straits Resources Ltd (SRL), owns about 47.1 per cent of Straits Asia Resources. The completion of its acquisition of SBI will, under the Singapore takeover code, trigger an offer for Straits Asia Resources. SRL itself is an Australian-listed diversified resources company with interests in coal and gold mines.
Through the acquisition of SBI, the PTT group will have access to SBI’s interests in coal exploration in Brunei and Madagascar, in addition to the 47.1 per cent stake in Straits Asia Resources.
Analysts have said that the intended cash offer of 80.7 cents per share for Straits Asia Resources falls short of market expectations. Straits Asia Resources, in which trading was halted yesterday, last traded at 84.5 cents, giving it a market capitalisation of $923.4 million.
Straits Asia Resources controls and operates the Sebuku and Jembayan coal mines in Indonesia.
Earlier this month, Straits Asia Resources’ chief executive, Richard Ong, had said that eight to 10 firms had been interested in buying a key stake in the company.
The acquisition of SBI by Lints will involve a payment of up to US$335 million in cash, comprising an upfront completion payment of US$220 million and a performance payment of up to US$115 million payable upon completion. Among other things, the deal is subject to approval of the Australian authorities.
A firm intention to make the offer is expected to be announced at end-April.
1 comment:
Thailand’s PTT in bid for Straits Asia
By JOYCE HOOI
24 March 2009
Thai energy group PTT Public Company - the company that evolved from the privatisation of the Petroleum Authority of Thailand - is looking to acquire Straits Asia Resources.
A pre-conditional mandatory cash offer unveiled yesterday said that the offer will be at 80.7 cents a share. This will value Straits Asia Resources at some $880 million.
News of the offer followed an announcement yesterday that PTT Public Company - through Hong Kong-incorporated Lints Ltd - has struck a conditional deal to buy 60 per cent of Australia-incorporated Straits Bulk and Industrial Pty Ltd (SBI) for up to US$335 million. PTT Public Company owns Lints through PPT International.
SBI, which is wholly owned by Straits Resources Ltd (SRL), owns about 47.1 per cent of Straits Asia Resources. The completion of its acquisition of SBI will, under the Singapore takeover code, trigger an offer for Straits Asia Resources. SRL itself is an Australian-listed diversified resources company with interests in coal and gold mines.
Through the acquisition of SBI, the PTT group will have access to SBI’s interests in coal exploration in Brunei and Madagascar, in addition to the 47.1 per cent stake in Straits Asia Resources.
Analysts have said that the intended cash offer of 80.7 cents per share for Straits Asia Resources falls short of market expectations. Straits Asia Resources, in which trading was halted yesterday, last traded at 84.5 cents, giving it a market capitalisation of $923.4 million.
Straits Asia Resources controls and operates the Sebuku and Jembayan coal mines in Indonesia.
Earlier this month, Straits Asia Resources’ chief executive, Richard Ong, had said that eight to 10 firms had been interested in buying a key stake in the company.
The acquisition of SBI by Lints will involve a payment of up to US$335 million in cash, comprising an upfront completion payment of US$220 million and a performance payment of up to US$115 million payable upon completion. Among other things, the deal is subject to approval of the Australian authorities.
A firm intention to make the offer is expected to be announced at end-April.
Post a Comment