Indonesian coal miner PT Bayan Resources Tbk has completed the acquisition of its Australian-listed unit Kangaroo Resources Limited in a transaction worth A$226.4 million ($163.7 million), it said in a filing to the Indonesia Stock Exchange (IDX) on Wednesday.
"The aim of this share purchase is so that the company can have full control over its subsidiaries owned indirectly by Kangaroo Resources," Bayan Chief Executive Dato Dr. Low Tuck Kwong said in the statement.
Bayan said it had bought 1,509,430,012 shares at A$0.15 per share, giving it 100 percent ownership of Kangaroo.
According to a separate statement to the ASX, Kangaroo was de-listed at the close of trading on Wednesday.
($1 = 1.3833 Australian dollars)
(Reporting by Fergus Jensen; Editing by Christian Schmollinger)