Saratoga divests shares in Adaro

IDX-listed investment company PT Saratoga Investama Sedaya Tbk has sold 300.53 million shares in IDX-listed coal giant PT Adaro Energy Tbk for Rp 1,800 per share, raising Rp 540.95 billion in proceeds, in what is seen as profit-taking strategy in the wake of rising coal price which has led to the recent rally in the Adaro stock.

Adaro said in a filing with the Indonesia Stock Exchange on Wednesday that the transaction was part of portfolio divestment strategy of Saratoga as an active investment company.

Prior to the transaction, Saratoga directly owns a total of 1.47 million shares in Adaro, or 4.62 percent. The company also owns 26.2 percent of PT Adaro Strategic Investment (ASI), the largest shareholder in Adaro with 43.91 percent interest.

Adaro share price has been on the rise since early this year amid recovery in the price of coal. (*)