Jakarta - Standmore Resources Limited and Dampier Coal Queensland Proprietary Limited plan to take over 20% of Stanmore SMC Pty Ltd (SMC) shares.

The agreement between Standmore Resources Limited and Dampier Coal Queensland Proprietary Limited with Mitsui & Co Ltd and Mitsui & Co (Australia) Ltd on August  12, 2022, marked the takeover.

Stanmore, Stanmore, through its subsidiary (Dampier), will own 100% of SMC's shares," said Corporate Secretary of PT Dian Swastatika Sentosa Tbk (DSSA) Susan Chandra in information disclosure on Friday (8/12).

He continued that the company will fund this takeover of US$380 million from internal cash. The company expects the transaction to be completed in the fourth quarter of this year.

"This takeover is expected to provide long-term added value for all shareholders of the company," he stressed.

Stanmore Resources Limited and Dampier Coal Queensland Proprietary Limited