JAKARTA (Indonesia Today) – Sakari Resources Ltd, which produces around 10 million tons of thermal coal in Kalimantan, soared 27% on Singapore Exchange Monday (Aug 27) following PTT Mining’s acquisition offer.
Sakari Resources closed higher by 27.18% to S$1.895 per share, slightly below the price offered by PTT MIning at S$1.9 per share. PTT (Thailand) is already the largest shareholder in Sakari Resources, but offers to buy the remaining 55% shares for $960 million.
Bumi Resources, the largest coal producer in Indonesia, on the other hand, closed substantially lower by 5.32% to Rp890 following poor results in the first half of 2012. Bumi Resources booked net loss of US$322 million in the period.
Trading volume of Bumi Resources was relatively thin (10.3 million shares) due to disruption of trading on Indonesia Stock Exchange (IDX) related to technical problems of remote trading system. (Indonesia Today)