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PT Bayan Resources completes acquisition of Kangaroo Resources

Coal News - Published on Mon, 17 Dec 2018

Image Source: Small Caps
Reuters reported that Indonesian coal miner PT Bayan Resources Tbk has completed the acquisition of its Australian-listed unit Kangaroo Resources in a transaction worth USD 163.7 million, it said in a filing to the Australian Stock Exchange. Bayan Chief Executive Dato Dr. Low Tuck Kwong said "The aim of this share purchase is so that the company can have full control over its subsidiaries owned indirectly by Kangaroo Resources."

Bayan said it had bought 1,509,430,012 shares at A$0.15 per share, giving it 100 per cent ownership of Kangaroo.

According to a separate statement to the ASX, Kangaroo was de-listed at the close of trading on Wednesday.

Source :

Posted By : Rabi Wangkhem on Mon, 17 Dec 2018
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