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PTT unit acquires Indonesian coal mining companies

PTT Global Management Co. Ltd subsidiary Sakari Resources Ltd. acquired 100% of the common shares of Indonesian coal mining companies PT Sentika Mitra Persada and PT Multiara Kapuas for about $11.7 million.

The acquisition was made through Sakari Resources' subsidiaries.

In a letter to the Thailand Stock Exchange dated Aug. 19, parent company PTT PCL said the deal aims to replenish the depleting Sakari Resources coal reserves and improve its quality adjustment capability with coal production from existing mines to meet customers' requirements.

The Indonesian coal mining companies became subsidiaries of PTT, a Thai state-owned oil and gas company, as a result of the transaction.