PT Astrindo Nusantara Infrastruktur Tbk (BIPI), an oil and gas mining company, has signed the share purchase agreement (SPA) regarding the takeover of PTT Mining Ltd, Hongkong (PTTML) from PTT International Holdings Limited and PT Sintesa Bara Gemilang.

Kurniawati Budiman, Corporate Secretary of BIPI, confirmed that the SPA was signed by the representatives of the company, PTT International, and Sintesa Bara Gemilang on August 1, 2022. In said agreement, the value of this acquisition is said to arrive at USD 471 million.

“The direct impact of the PTTML acquisition by Astrindo is that the financial performance in 2022 will record an upturn as the coal price increases,” Budiman stated in the information disclosure in Indonesia Stock Exchange (IDX).

For the record, PTT International is in total control of PTT, a Thailand-based energy company. PTT focuses on the natural gas mining, gas transmission, infrastructure, and investment. Meanwhile, PTTML reportedly owns concession of coal mines located in Brunei Darussalam, Madagascar, and Kalimantan. On the other hand, Sintesa Bara Gemilang is a company under BIPI, directly owned through Astrindo Mahakarya Indonesia.

Source: https://www.idnfinancials.com/news/43868/astrindo-nusantara-infrastruktur-acquire-ptt-mining