Indonesia's Toba Bara to sell 61.79% of its unit to Singapore's Highland Strategic

Indonesia's Toba Bara to sell 61.79% of its unit to Singapore's Highland Strategic

Coal producer PT Toba Sejahtera has announced plans to divest 61.79 per cent of ownership in its publicly-listed subsidiary, PT Toba Bara Sejahtera Tbk (TOBA), to Singapore-based Highland Strategic Pte Ltd. The value of this transaction is estimated to reach Rp1.2 trillion ($90 million), based on Toba Bara’s share closing price on Monday’s trading at Rp1,000 per share.

President director of Toba Bara, Justaina Naiborhu, said the company had signed the sale agreement with Highland Strategic back in early November.

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