Adaro completes acquisition of IndoMet
Saturday, October 15 2016 - 03:21 AM WIB
IDX-listed coal giant PT Adaro Energy Tbk said it has completed the acquisition of ASX-listed BHP Billiton?s entire 75 percent interest in IndoMet Coal Project for US$120 million.
The company said in a statement Friday that its subsidiaries PT Alam Tri Abadi and Coaltrade Services International Pte Ltd had completed the terms and conditions of a share sale agreement made with BHP Minerals Holdings Pty, Ltd. and BHP Minerals Asia Pacific Pty, Ltd. for the acquisition of the entire shares of the latter two firms in Central and East Kalimantan coal miners PT Maruwai Coal, PT Juloi Coal, PT Kalteng Coal, PT Sumber Barito Coal, PT Lahai Coal, PT Ratah Coal, and PT Pari Coal, which form the IndoMet Coal Project.
No further details were provided. BHP Billiton announced in June of this year plan to sell its 75 percent interest in IndoMet to Adaro units, which already owned 25 percent interest in the coal project.
Editing by Reiner Simanjuntak