PTT Acquires ICL

23 March 2011 (Last Updated March 23rd, 2011 18:30)

Thailand-based PTT Mining has completed the acquisition of International Coal Holdings (ICL), formerly Straits Resources, for a total value of A$544.1m (US$545m). PTT said the Federal Court of Australia approved the takeover, under which PTT Mining will acquire all of the shares in ICL

Thailand-based PTT Mining has completed the acquisition of International Coal Holdings (ICL), formerly Straits Resources, for a total value of A$544.1m (US$545m).

PTT said the Federal Court of Australia approved the takeover, under which PTT Mining will acquire all of the shares in ICL.

As a result of this transaction, all the shares of ICL have been registered in the name of PTT Mining.

The firm said it is expecting to increase its coal output to 30 million tons in the next five years.