Thai energy giant PTT to divest from Indonesian palm oil biz

Image from www.pttge.com

PTT PCL, one of Thailand’s leading energy conglomerate will be selling its entire investment in PT Mitra Aneka Rezeki (PT MAR) in Indonesia to PT Prasada Jaya Mulia (PJM) and Harvey Bay Overseas Ltd (HBO) for $35 million, as a part of its plan to divest non-core operations. This was decided by the company’s board of directors in a recent meeting.

PTT holds 95 per cent of total issued shares in PT MAR through its subsidiaries Kalimantan Thailand Palm Pte Ltd (KTP) and PTT Green Energy Services (Netherlands) BV (PGE).

According to the company’s filings with the Stock Exchange of Thailand, the share sale, assignment of loan, and advance subscription payment were completed yesterday (June 9). PTT has completed the disposition of the entire investment of shares in PT.MAR.

PTT’s subsidiaries would be responsible for relevant taxes and fees in this transaction.

PTT’s president and CEO Pailin Chuchottaworn said that the transaction value price has been agreed upon between the purchasers and the sellers via independent negotiation and PTT will receive appropriate returns from this investment disposition.

PTT acquired stakes in PT MAR for $14.7 million in February 2008 in a bid to expand into environmentally friendly energy sources.

PT MAR operates palm plantation and crude palm oil refineries in Indonesia. The two two projects include, Pontianak project at West Kalimantan and Banyuasin project at South Sumatra.

Recently, PTT has sold 27.22 per cent stake in oil refinery Bangchak Petroleum PCL and its 36 per cent share in Star Petroleum Refining.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.