Mitsui Divests Stakes in Paiton to RH International

By Editorial Team 24/06/2021
PLTU
Summary

Mitsui & Co Ltd announced, on Tuesday (6/22), the signing of a sale and purchase agreement with RH International (Singapore) Corporation Pte Ltd (RHIS), a subsidiary of RATCH Group Public Company Limited. Under the agreement, Mitsui divests the entire 45.51 percent stake in PT Paiton Energy to RHIS. In addition, Mitsui also sold a 45.51 percent stake in Minejesa Capital BV (Netherlands) and a 65 percent stake in IPM Asia Pte Ltd (Singapore) which is owned through its subsidiary, Paiton Power Financing BV, to RHIS.

Paiton Energy owns and operates a Steam Power Plant (PLTU) in Indonesia under a long-term electricity purchase contract with PT Perusahaan Listrik Negara (PLN). RHIS's holding company, RATCH Group, is listed on Thailand Stock Exchange and engaged in infrastructure and energy in Thailand and the Asia Pacific.

This transaction is expected to be completed before March 2022. Several factors will determine the completion of this transaction, including approval from PLN, creditors, and RATCH shareholders. After the transaction, Mitsui will record a profit, but the amount cannot be calculated yet, considering the price adjustment mechanism and other factors.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.