VINANSIA.COM — PT Adaro Energy Indonesia Tbk (ADRO) is set to sell its coal business unit, PT Adaro Andalan Indonesia (AAI), for US$2.45 billion. This transaction involves selling up to 99.9999% of AAI’s shares, representing 31.8% of ADRO’s total equity.

The deal, pending approval at an Extraordinary General Meeting on October 18, 2024, will be conducted via a Share Offer by Shareholders (PUPS) in accordance with POJK 76/2017 regulations. The transaction is open to existing ADRO shareholders as of the record date.

AAI, formerly known as PT Alam Tri Abadi, holds significant stakes in various thermal coal mining companies and logistics operations. This divestment is part of ADRO's strategy to shift focus towards non-coal sectors, aiming to derive 50% of its revenue from non-coal businesses by 2030.

The move is expected to enhance AAI's performance and bolster ADRO’s green initiatives by improving access to sustainable financing and expanding investment opportunities in eco-friendly projects.