Thai power firm to acquire shares in Adaro
Thursday, October 27 2016 - 02:51 AM WIB
State-owned Electricity Generating Authority of Thailand (EGAT) plans to acquire 12 percent shares in coal miner PT Adaro Indonesia, a subsidiary of IDX-listed coal firm PT Adaro Energy Tbk, with a transaction value estimated at US$325 million, Kontan reported on Thursday.
The paper said that the Thai government has approved the planned acquisition, to be carried out through EGAT subsidiary EGAT International Co, as part of a long-term strategy secure energy supply for Thailand.
Adaro Energy declined to provide much comment. President Director Garibaldi Tohir said that the transaction has yet to be completed.
Kontan said that EGAT plans to pay the acquisition in two stages, with the first $164 million to be made this year, and the second between 2022 and 2027. (*)