Jakarta. Coal miner Bayan Resources (BYAN) has dissolved its Australian-registered subsidiary, Kangaroo Minerals Pty Ltd, as part of its ongoing corporate restructuring, the company said in a regulatory filing on Wednesday.

Kangaroo Minerals was a wholly owned indirect subsidiary of Bayan through Kangaroo Resources Pty Ltd, another Australian-incorporated entity under the company’s full control.

“The dissolution and deregistration of Kangaroo Minerals Pty Ltd were carried out as the entity is no longer active in investment activities,” Bayan stated in its disclosure to the Indonesia Stock Exchange (IDX). The company assured investors that the move would have no impact on its operations, financial position, or business continuity.

In 2018, Bayan acquired Kangaroo Resources Limited (KRL), which was previously listed on the Australian Securities Exchange (ASX). Bayan completed the takeover in December that year, acquiring 1.5 billion shares at AUD 0.15 per share in a deal worth approximately AUD 230 million. KRL was subsequently delisted from the ASX on Dec. 18, 2018.

Last year, Bayan also dissolved two of its Singapore-based subsidiaries—SGQ Batubara (A) Pte. Ltd. and SGQ Singapore Investment Company Pte. Ltd.—after they ceased business operations. The company received confirmation of their official deregistration on April 22, 2024.

Shares of BYAN remained unchanged at Rp 20,000 per share in the first trading session on Wednesday.

Add as a preferred source on Google +