Thailand's PTT PCL on Dec. 15 said it will sell its palm oil business in Indonesia for an undisclosed sum by June next year, as the top Thai energy company moves to divest non-core operations.
Kalimantan Thailand Palm Pte LTD, a subsidiary of PTT's wholly owned PTT Green Energy Pte Ltd, will sell its 95 percent holding of PT Mitra Aneka Rezeki to PT Prasada Jaya Mulia, the Thai energy giant said in a statement.
State-controlled PTT bought stakes in palm oil plantations and processing operations in Indonesia's West Kalimantan region in 2008 as it expanded into environmentally friendlier sources of energy.
It set up PTT Green Energy to buy the 95 percent stake for $14.7 million in February 2008. The Indonesian target is licensed to cultivate 14,000 hectares of oil palm.
PTT is currently restructuring. It plans to sell its 27.22 percent stake in oil refiner Bangchak Petroleum PCL, dilute its 36 percent holding in Star Petroleum Refining Co via a public offering, and list its power unit on the Thai bourse.
