JAKARTA (TheInsiderStories) – Indonesian coal miner PT Bayan Resources Tbk (IDX: BYAN) get permit to acquire Kangaroo Resources Limited (ASX: KRL) shares by the Supreme Court of Western Australia, said the Australian miner in official statement today (12/04).
“The Scheme of Arrangement between Kangaroo and its shareholders, excluding Bayan Resources have been lodged today with the Australian Securities and Investments Commission. As a result, the Scheme is now effective,” said Kangaroo’s spokesman Paul Jurman.
On August 17, Bayan Resources announced will acquired 44.95 percent shares Kangaroo for US$515 million. The company currently holds approximately 56.05 percent of Kangaroo.
BYAN bought Kangaroo’s shares at $0.15 per share. The offer price represents 275 percent premium to the closing share price on May 4, 2018. The transaction its expecting to be close on Dec. 6, 2018.
Followed the cleared statement from the court, Kangaroo shares will be suspended from quotation on the Australian Stock Exchange (ASX) with effect from the close of normal trading today.
Kangaroo Resources has interests in a 14 coal mining concessions located in East Kalimantan. A large portion of these concessions are in close proximity to the existing coal mining and infrastructure assets of its major shareholder, Bayan Resources.
There are three project groups, Pakar (itself split into Pakar North and Pakar South), GPK and Mamahak. The Pakar concessions sit immediately to the south of PT Bayan Bara Tabang mining operations and are in close proximity to Bayan’s existing coal mining and infrastructure assets.
While, Bayan is an integrated coal group primarily engaged in open cut coal mining and is listed on the Indonesian Stock Exchange. The company produces the majority of its environmentally-friendly low sulphur, sub-bituminous coal from its world-class Tabang and Pakar Project located in East Kalimantan.
The publicly listed company differentiates itself by integrating each of the productions stages, being mining, processing and logistics, via the ownership of processing infrastructure at each of its mines and operating a number of barging and transshipment terminals.