MARKET DEVELOPMENT
Thailand's PTT to Sell More Palm Oil Assets in Indonesia
Thailand's PTT to Sell More Palm Oil Assets in Indonesia
10/09/2015 (Reuters) - PTT Pcl, Thailand's largest energy firm, said on Wednesday it will sell its stake in a palm oil business in Indonesia for an undisclosed sum as part of a plan to divest non-core assets.
Its subsidiary PTT Green Energy Pte will sell its entire holding in PTT Green Energy (Netherlands) Cooperatief U.A. (PTTGE) to its partner in the operation, Sindopalm Pte Ltd, an affiliate of PT Kalpataru Investama, the Thai firm said in a statement.
PTT had been in investing since 2010 in PTTGE, which has interests in seven palm oil companies in East Kalimantan with a total area of 78,877 ha.
PTT will disclose financial details of the deal when the transaction is completed, the statement said.
The PTT unit had in June sold its 95 percent stake in a palm oil business in Indonesia for $35 million.
Its subsidiary PTT Green Energy Pte will sell its entire holding in PTT Green Energy (Netherlands) Cooperatief U.A. (PTTGE) to its partner in the operation, Sindopalm Pte Ltd, an affiliate of PT Kalpataru Investama, the Thai firm said in a statement.
PTT had been in investing since 2010 in PTTGE, which has interests in seven palm oil companies in East Kalimantan with a total area of 78,877 ha.
PTT will disclose financial details of the deal when the transaction is completed, the statement said.
The PTT unit had in June sold its 95 percent stake in a palm oil business in Indonesia for $35 million.