Straits sells stake to Thai firm
Wednesday, 25 March 2009
MELBOURNE, Mar 23 (AFP): Australia's Straits Resources announced Monday it was selling a stake in its coal assets to Thailand's PTT International for US$ 335 million.
Straits said the transaction would give PTT a 28.26 per cent interest in Straits' Singapore-listed coal subsidiary Straits Asia Resources Limited, which operates two thermal coal mines in Indonesia.
Straits chief executive Milan Jerkovic said the part sale would provide the company with the funds to pursue potential acquisitions, particularly in precious metals.
Straits said the transaction would give PTT a 28.26 per cent interest in Straits' Singapore-listed coal subsidiary Straits Asia Resources Limited, which operates two thermal coal mines in Indonesia.
Straits chief executive Milan Jerkovic said the part sale would provide the company with the funds to pursue potential acquisitions, particularly in precious metals.