Straits in talks to offload Asian stake

Perth-based Straits Resources has reiterated it may not be able to sell its 47 per cent holding in subsidiary Straits Asia Resources as talks continue.

In a brief update to the market, the company said discussions over a "strategic review" are continuing, however "it may not result in a specific transaction or proposal being implemented".

Last year, Straits said it had received a number of offers for its 47.1 per cent holding in coal producer Straits Asia, which had intended to list on the Australian stock market before the global economy took a major turn.

Straits has since been considering a number of alternatives to offload its interest in a bid to realise shareholder value.

The company has previously said Straits Asia, which is listed in Singapore, did not reflect the market capitalisation of Straits Resources, which currently stands at $260 million at a share price of $1.11 at 13:20 AEDT.