Join our daily newsletter At The Bell to receive exclusive market insights
- Stanmore (SMR) provides an update on the 80 per cent acquisition of BHP’s 80 per cent interest in BHP Mitsui Coal (BMC)
- The company says the acquisition is expected to be complete by the middle of next year
- SMR has applied for approval from the Australian Foreign Investment Review Board and expects a response in February
- Stanmore has also sought approval from three merger control authorities and at this stage has received approval from one of the three
- Shares are trading 2.48 per cent higher this morning at $1.04 per share
Stanmore has provided an update on the acquisition of BHP’s 80 per cent interest in BHP Mitsui Coal (BMC), an operated metallurgical coal joint venture in Queensland.
The company says the acquisition is expected to be complete by the middle of next year following the satisfaction of certain conditions.
SMR has sought approval from relevant parties. It has applied to the Australian Foreign Investment Review Board and expects a response by February.
It has also applied for approval from three merger control authorities. Approval has been received from one and the company expects to receive approval from the remaining two in the first quarter of next year.
PS Dian Swastatika Sentosa Tbk (DSS), a major shareholder of Stanmore’s parent company, Golden Energy and Resources, will hold an Extraordinary General Meeting of Shareholders in February to gain shareholder approval for the acquisition. DSS is majority owned by PT Sinar Mas Tunggal who has provided DSS an irrevocable binding commitment to vote in favour of the acquisition.
BHP Mitsui Coal (BMC) comprises the Poitrel and South Walker Creek operations, Red Mountain Infrastructure and the Wards Well development in Queensland. BHP operates BMC as part of an 80:20 joint venture with Mitsui.
Stanmore shares are trading 2.48 per cent higher this morning at $1.04 per share at 10.38am AEDT.
