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Thai cabinet approves EGAT plan to buy US$325m stake in Adaro
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A backhoe loads tons of coal to a heavy-duty truck at Adaro Energy's site in Kalimantan. (Courtesy of http://www.adaro.com//-)
T
hailand cabinet has approved the Electricity Generating Authority of Thailand's (EGAT) proposal to purchase as much as 12 percent of stake in coal miner Adaro Indonesia for US$325 million, a government spokesman said.
Adaro Indonesia is part of PT Adaro Energy, Indonesia's biggest coal miner by market value.
The planned investment by EGAT International Co, a wholly-owned unit of EGAT, will support EGAT's long-term strategy to secure the country's energy supplies, Government Spokesman Lt Gen Sansern Kaewkamnerd told reporters following a Cabinet meeting on Tuesday.
The first portion of US$164 million will be paid within this year and the rest will be paid during the period from 2022 to 2027, he said.
Funding will come from EGAT and dividends from the investment, according to documents presented during the Cabinet meeting. (ags)
