Jun 7, 2011

Bayan to distribute Rp80/share dividend

Coal miner PT Bayan Resources Tbk (BYAN), that is controlled by business Dato' Low Tuck Kwong, will distribute Rp80 a share dividend or Rp266.7 billion, reflecting 36% payout ratio.
President Director Eddie Chin Wai Fong said the dividend, which will be distributed on July 13, has been approved by shareholders meeting today.
Following the dividend approval, the meeting has also approved acquisition on nine coal concessions from PT Ilthabi Bara Utama, which is owned by Ilham Habibi, son of former President of Indonesia B.J. Habbie, Prime Mine Resources Limited, and Romo Nitiyudo Wachjo. 
The coal concessions located in East Kalimantan are PT Apira Utama, PT Bara Sejati, PT Cahaya Alam, PT Tiwa Abadi, PT Dermaga Energi, PT Orkida Makmur, PT Silau Kencana, PT Sumber Api, abd PT Tanur Jaya. Seluruhnya berlokasi di Kalimantan Timur. "The shares transfer of the concessions will be accomplished in 60 days after the meeting," he said.
In return, Bayan will obtain 1.93 billion of new shares or 56% of Australia-listed company Kangaroo Resources Limited.

Disclosure: No position at the stock mentioned above.

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