PTT Public Company Limited (SET: PTT) has announced that that its Board of Directors, at the meeting on 21 July 2022, approved the sale by PTT International Holdings Limited (PTTIH), a wholly owned subsidiary of PTT, of its entire investment, being 100% of the total issued shares, in PTT Mining Limited (PTTML) to PT Astrindo Nusantara Infrastruktur Tbk (Astrindo), a listed company in Indonesia Stock Exchange, or its affiliate, for a purchase price of approximately USD 471 million.
PTTIH and Astrindo have entered into a Share Purchase Agreement on 1 August 2022. The transaction is expected to be completed within the fourth quarter of 2022 and subjected to conditions precedent specified in the Share Purchase Agreement including an approval of the transaction in Astrindo’s extraordinary shareholders meeting.
PTT stated that this transaction will divest all of PTT’s investment in the coal business which is aligned with PTT’s strategy towards sustainability and clean energy.
