Banpu keeps waiting for FIRB approval

THAI energy company Banpu has resubmitted an application to the Foreign Investment Review Board to approve its $A2 billion takeover of Centennial Coal.
Banpu keeps waiting for FIRB approval Banpu keeps waiting for FIRB approval Banpu keeps waiting for FIRB approval Banpu keeps waiting for FIRB approval Banpu keeps waiting for FIRB approval

Courtesy Centennial Coal.

Blair Price

Banpu withdrew its FIRB application in late July because of the pending Australian federal election.

But Banpu chief financial officer told Dow Jones Newswires the company had submitted another FIRB application just before the August 21 election.

Banpu will face more delays getting FIRB approval as the outcome of the election remains unclear with three independents holding the balance of power in the lower house.

As of yesterday the Thai company received acceptances for its $6.20 per Centennial share which amounted to 37.33% of all Centennial shares.

Detailed in the minutes of Banpu’s shareholder meeting held last month, the Thai company revealed it spent a total of $380 million to gain the 19.9% stake in Centennial in the two months before its July 5 takeover offer.

Banpu aims to export at least 40 million tonnes per annum in the Asia-Pacific region by the end of 2015.

The company holds a total of $US2.6 billion in cash reserves and credit facility finance to fund the Centennial takeover.

Centennial shares closed up 1c to $6.03c yesterday.

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