Adaro Energy sells shares in coal logistic services provider
Wednesday, February 26 2014 - 12:44 AM WIB
IDX-listed coal giant PT Adaro Energy Tbk has sold its entire 35 percent shares in South Sumatra-based integrated coal logistic services provider PT Servo Meda Sejahtera (SMS) for US$25.13 million.
The company said in a statement Tuesday that its wholly owned subsidiary PT Alam Tri Abadi (ATA) signed on February 21 the sell and purchase shares deed. The shares were sold two parties namely PT Perusahaan Palembang Investama for 216,300 shares with a value of US$15.08 million, and PT Energi Karya Persada for 144,200 shares with a value of US$10.05 million.
In addition under the transaction ATA?s loans of US$16.67 million and Rp499.20 billion have also been paid and/or transferred. The transaction was executed by ATA with parties that are affiliated with Titan Group and Trafigura Pte. Ltd.
Adaro Energy?s President Director and Chief Executive Officer, Garibaldi Thohir, said: "The sale of SMS is consistent with our focus to preserve our solid balance sheet and on our long-term objective to create maximum sustainable value from Indonesian coal.?
He said that the company?s strategy of vertical integration remains, as it will now focus on pit to power integration in South Sumatera.
He added that even though Adaro has divested its entire stake in SMS, the company still retains the rights to use the hauling road owned by PT Servo Lintas Raya as well as the port facility operated by PT Swarnadwipa Dermaga Jaya, where both companies are controlled by SMS.
?These rights will be executed under special agreement once the hauling road and port facility are commercially operated. And will last until the licenses of our coal assets in South Sumatera are expired. We believe that under its new ownership, SMS will continue to operate strongly and contribute to local community,? Garibaldi said.
SMS provides integrated coal logistic services in South Sumatera. SMS was acquired by Adaro in October 2011 for Rp200 billion, providing the company with more than 45 percent gain from the sale, assuming an exchange rate of Rp 11,600 per US dollar.
Editing by Reiner Simanjuntak