Thai state-owned energy company PTT has signed a deal to divest its Indonesian coal business for US$471 million to Astrindo Nusantara Infrastruktur, an investment company focused on energy infrastructure.
The sale of PTT Mining, which owns three coal mines in Kalimantan and coal concessions in Brunei and Madagascar, is aligned with the parent company’s move towards clean energy.
“The immediate impact of the acquisition of [PTT Mining] to Astrindo is substantial. Our financial performance in 2022 will show a significant jump given the current price of coal,” said Michael Wong, director of Astrindo.
The transaction, which is subject to Astrindo shareholders’ approval, is expected to be completed in the fourth quarter of 2022.