MARKET DEVELOPMENT
PTT Sells Off Palm Oil Business in Indonesia
PTT Sells Off Palm Oil Business in Indonesia
10/07/2015 (NNT) - National oil conglomerate PTT has sold off its palm oil business in Indonesia for 224.4 million baht.
The PTT has sold its investment in Indonesia’s PT Az Zhara as part of its plan to divest non-core operations. PTT held 95 per cent of total issued shares in PT Az Zhara through its subsidiaries Kalimantan Thailand Palm Pte Ltd (KTP) and PTT Green Energy Services (Netherlands) BV (PGE).
The PTT purchased stakes in palm oil plantations and processing operations in Indonesia in 2008 as it expanded into environmentally friendlier sources of energy.
40,500 hectares of oil palm is part of the sale and purchase agreement which is worth 6.8 million US dollars or 224.4 million baht. The PTT made known that the transaction value price has been agreed upon between the purchasers and the sellers via independent negotiation and the PTT will receive appropriate returns from this investment disposition.
The PTT has sold its investment in Indonesia’s PT Az Zhara as part of its plan to divest non-core operations. PTT held 95 per cent of total issued shares in PT Az Zhara through its subsidiaries Kalimantan Thailand Palm Pte Ltd (KTP) and PTT Green Energy Services (Netherlands) BV (PGE).
The PTT purchased stakes in palm oil plantations and processing operations in Indonesia in 2008 as it expanded into environmentally friendlier sources of energy.
40,500 hectares of oil palm is part of the sale and purchase agreement which is worth 6.8 million US dollars or 224.4 million baht. The PTT made known that the transaction value price has been agreed upon between the purchasers and the sellers via independent negotiation and the PTT will receive appropriate returns from this investment disposition.