Astrindo Acquires PTT Mining from PTT International Holdings

Summary

Energy company PT Astrindo Nusantara Infrastuktur Tbk (BIPI) acquired PTT Mining Ltd Hong Kong for US$471 million. PTT Mining is known for holding several coal mining concessions in Brunei Darussalam, Madagascar, and operating three coal mines in Kalimantan, Indonesia. The company signed a share purchase agreement with PTT International Holdings Limited and PT Sintesa Bara Gemilang, a subsidiary with indirect ownership through PT Astrindo Mahakarya Indonesia. PTT is a fully integrated Thai government-owned energy company, doing natural gas, gas transmission, international trade, and infrastructure businesses.

"The direct impact of the PPT Mining acquisition is an improvement in financial performance in 2022 following the increase in coal production," BIPI management wrote in information disclosure on Tuesday.

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