10/06/2015 (DEALSTREETASIA) - 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.