Thailand’s PTT seeks control of Singaporean coal company

Thailand's largest energy company, PTT Public Company Ltd, bids to diversify away from oil and gas for power generation and into coal.

It if offering US$960 million to take full control of Singapore-based coal mining company, Sakari Resources Ltd. Sakari, an emerging international coal company with an Asian focus, has two coal mines: one in Indonesian Borneo and the other in Mongolia.

PTT, which is controlled by the Thai government, already owns a 45.3% of Sakari. It has been the largest shareholder in Sakari for three years.
PTT expects to complete its takeover of Sakari by October.

"Through PTT Mining's offer, we are seeking majority control of Sakari Resources and enabling shareholders to take advantage of the highly attractive premium we have offered,” PTT said in a statement.

Sakari’s customers include power companies in Japan, South Korea and Taiwan.