Indonesian coal mining company PT Bayan Resources Tbk has closed on the repurchase of its Australian unit, Kangaroo Resources Ltd.
Under the terms of the agreement, Bayan purchased 1.5 billion units at $0.11 per unit, resulting into 100 percent stake ownership of Kangaroo.
PT Bayan Resources paid A$226.4 million ($163.6 million) for Kangaroo Resources.
The company said that this acquisition allows it to have full control over its subsidiaries owned indirectly by Kangaroo Resources.