JAKARTA. PT Adaro Energy Indonesia Tbk (ADRO) plans to divest portions in one of its subsidiaries engaged in thermal coal mining business, PT Adaro Andalan Indonesia (AAI).

The amount of AAI’s shares that will be sold by ADRO is equal to 99.99% or its entire portion in AAI. This transaction is definitely a material transaction, as total assets of AAI represent 52.9% of total consolidated assets of ADRO.

“The company plans to continue expand and diversify, strategically, to non-coal business pillars,” added the management of ADRO in the official statement.

For the record, AAI has several subsidiaries also engaged in the same field of thermal coal mining business, including PT Adaro Indonesia, PT Paramitha Cipta Sarana, PT Semesta Centramas, PT Pari Coal, dan PT Ratah Coal.

The entire shares of AAI will then be offered to ADRO’s shareholders. “The remaining unsold portion will remain under the company’s possession,” said the management of ADRO.

According to IDNFinancials data, AAI reported authorised capital of IDR 40 trillion, with issued and paid-up capital of IDR 21.9 trillion. (KR/ZH)