Commissioner increases ownership in Adaro

Mining activities: Coal mining at Tutupan mine site, one of the mining blocks operated by PT Adaro Indonesia Tbk.in Balangan regency, South Kalimantan in April file photo (JP/R. Berto Wedhatama)A commissioner at PT Adaro Energy Tbk (ADRO), Indonesia’s second-largest coal producer, has purchased 300,000 shares of the company at Rp 1,830 per share to increase his ownership of the growing company.

Malaysian national Lim Soon Huat, who has been a commissioner at Adaro since October 2008, made the deal on Friday, Jan. 20, when the firm’s stock price closed at Rp 1,820 a share, according to a file submitted to the Indonesia Stock Exchange (IDX).

The stock purchase was done for investment, the file said, without disclosing the total shares Soon Huat owned.  Soon Huat has over 15 years experience in the financial industry and corporate management in Singapore, Thailand, Malaysia, Hong Kong, China and Indonesia.

Major international ratings agency Fitch Ratings recently said it might upgrade Adaro’s credit rating to investment grade from the current BB+ with stable outlook, on the company’s strong financial fundamentals amid rising demand for coal.

Adaro’s shares traded at Rp 1,840 at 10:23 a.m. on Wednesday, gaining 0.55 percent from the previous day’s close when the broader stock index was in the red.