LONDON, UK: Mitsui & Co. Ltd. has signed a sale and purchase agreement to sell its 45.5 percent shares in PT Paiton Energy of Indonesia; 45.5 percent shares in Minejesa Capital B.V of Netherlands and 65 percent stake in IPM Asia Pte. Ltd of Singapore to RH International Corporation Pte. Ltd. (RHIS), a wholly-owned subsidiary of RATCH Group.
PT Paiton owns and operates coal-fired thermal power plants in Indonesia under a long-term power purchase agreement with PT Perusahaan Listrik Negara (Persero) (PLN, Indonesian national electricity power company). RATCH, a public company listed on the Stock Exchange of Thailand, is a leading value-oriented energy and infrastructure company in Thailand and the Asia Pacific region.
This transaction is expected to close before the end of fiscal year ending March 2022 subject to completion of certain conditions precedent, including PLN consent, financing party consent, and RATCH shareholder approval.
Following the completion of the transaction, Mitsui will record a profit, however it is unable to calculate reasonably due to customary price adjustment mechanisms etc. Mitsui will announce the impact on both consolidated and standalone financial results immediately upon confirmation. The expected profit from this transaction has not been reflected in Mitsui’s forecasts for the fiscal year ending March 2022.
Mitsui has announced “evolve financial strategy and portfolio management” as one of its corporate strategies for its Medium-term Management Plan 2023. This transaction is being implemented as part of Mitsui’s ongoing strategy to re-cycle its business portfolio. PE is one of the largest independent power producers in Indonesia, making a positive contribution to the needs of local life and businesses in Indonesia.
RATCH and RHIS have extensive knowledge and experience in the power business in Thailand and overseas (including in Indonesia), and are well placed to support PE’s continued safe and reliable operation to meet these social needs.
Mitsui & Co Ltd TYO: 8031
2,528 JPY +110 (4.53%)today
22 Jun, 3:10 pm GMT+9 · Disclaimer